Page:United States Statutes at Large Volume 106 Part 5.djvu/360

 106 STAT. 3998 PUBLIC LAW 102-550—OCT. 28, 1992 (3) by adding at the end the following new paragraph: "(2) To cany out this subsection, the representatives of the General Accounting Office shall have access, upon request to the corporation or any auditor for an audit of the corporation under subsection (1), to any books, accounts, financial records, reports, files, or other papers, things, or property belonging to or in use by the corporation and used in any such audit and to any papers, records, files, and reports of the auditor used in such an audit.", (m) FINANCIAL REPORTS TO DIRECTOR.— Section 309 of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723a) is amended by adding at the end ihe following new subsection: "(k)(1) The corporation shall submit to the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development annual and quarterly reports of the financial condition and operations of the corporation which shall be in such form, contain such information, and be submitted on such dates as the Director shall require. "(2) Each such annual report shall include— "(A) financial statements prepared in accordance with generally accepted accounting principles; "(B) any supplemental information or alternative presentation that Uie Director may require; and "(C) an assessment (as of the end of the corporation's most recent fiscal year), signed by the chief executive officer and chief accounting or financial officer of the corporation, of— "(i) the effectiveness of the internal control structure and procedures of the corporation; and "(ii) the compliance of the corporation with designated safety and soundness laws. "(3) The corporation shall also submit to the Director any other reports required by the Director pursuant to section 1314 of the Federal Housing Enterprises Financial Safety and Soundness , Act of 1992. "(4) Each report of financial condition shall contain a declaration by the president, vice president, treasurer, or any other officer designated by the board of directors of the corporation to make such declaration, that the report is true and correct to the best of such officer's knowledge and belief.". (n) AUDITS OF FINANCIAL STATEMENTS.—Section 309 of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723a) is amended by adding after subsection (k) (as added by subsection (m) of this section) the following new subsection: "(1)(1) The corporation shall have an annual independent audit made of its financial statements by an independent public accountant in accordance with generally accepted auditing standards. "(2) In conducting an audit under this subsection, the independent public accountant shall determine and report on whether the financial statements of the corporation (A) are presented fairly \ in accordance with generally accepted accounting principles, and (B) to the extent determined necessapr by the Director, comply with any disclosure requirements imposed under subsection (k)(2)(B).* (o) MORTGAGE DATA COLLECTION AND REPORTING REQUIRE- MENTS. — Section 309 of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723a) is amended by adding after sub-

�