COMPTROLLER GENERAL AUDITS.

1. IN GENERAL.The Secretary shall annually prepare and submit to the Congress, and make available to the public, audited financial statements prepared in accordance with generally accepted accounting principles, such statements to be audited annually by the Comptroller General, in accordance with generally accepted government auditing standards. The Comptroller General shall annually issue an advisory opinion on the adequacy of the internal financial controls of the office established under section 2 (in this section referred to as the "office"). The Secretary shall reimburse the Government Accountability Office for the full cost of any such audit as billed therefor by the Comptroller General.

2. SCOPE OF AUTHORITY.The Comptroller General may audit the programs, activities, receipts, expenditures, and financial transactions of the office, and any contractor or agent of the office with respect to any contract with or service performed for the office or the Secretary in carrying out this Act.

3. PROFESSIONAL SERVICES.For the purpose of conducting an audit under this subsection, the Comptroller General is authorized in the discretion of the Comptroller General, to employ by contract without regard to section 3709 of the Revised Statutes of the United States (41 U.S.C. 5), professional services of firms and organizations of certified public accountants for temporary periods or for special purposes.

COMPTROLLER GENERAL ACCESS.In order to conduct audits under subsection (a), representatives of the Comptroller General shall have access, upon request, to any information, data, schedules, books, accounts, financial records, reports, files, or other papers, things, or property belonging to or in use by the office or the Secretary, and to the employees, accountants, financial advisors, and other agents thereof, all at such reasonable times as the representatives of the Comptroller General may request. The representatives of the Comptroller General shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. The representatives of the Comptroller General may make and retain copies of such books, accounts, and other records as they deem appropriate.

CORRECTIVE RESPONSES TO AUDIT PROBLEMS.The Secretary and the office shall

1. take action to address deficiencies identified by the Comptroller General, any other auditor engaged by the office, and any audit committee; or

2. certify that no action is necessary or appropriate.

INTERNAL CONTROLS.

1. SYSTEM.The office shall establish and maintain an effective system of internal controls, consistent with the standards prescribed under section 3512(c) of title 31, United States Code, that provides reasonable assurance over

   1. the effectiveness and efficiency of operations, including the use of office resources;

   2. the reliability of financial reporting, including financial statements and other reports for internal and external use; and

   3. compliance with applicable laws and regulations.

2. ANNUAL STATEMENTS.In conjunction with each annual financial statement issued under subsection (a), the office shall

   1. state the responsibility of management for establishing and maintaining adequate internal control over financial reporting; and

   2. state its assessment, as of the end of the most recent year covered by such financial statement of the Office, of the effectiveness of the internal control over financial reporting.