Page:United States Statutes at Large Volume 110 Part 4.djvu/555

 PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -392 (4) TIME PERIOD FOR COMPLIANCE. —^A remediation plan shall bring the agency's financial management systems into substantial compliance no later than 3 years after the date a determination is made under paragraph (1), unless the agency, with concurrence of the Director— (A) determines that the agency's financial management systems cannot comply with the requirements of subsection (a) within 3 years; (B) specifies the most feasible date for bringing the agency's financial management systems into compliance with the requirements of subsection (a); and (C) designates an official of the agency who shall be responsible for bringing the agency's financial management systems into compliance with the requirements of subsection (a) by the date specified under subparagraph (B). SEC. 804. REPORTING REQUIREMENTS. 31 USC 3512 (a) REPORTS BY THE DIRECTOR.— No later than March 31 of ^°^' each year, the Director shall submit a report to the Congress regarding implementation of this Act. The Director may include the report in the financial management status report and the 5- year financial management plan submitted under section 3512(a)( 1) of title 31, United States Code. (b) REPORTS BY THE INSPECTOR GENERAL—Each Inspector General who prepares a report under section 5(a) of the Inspector General Act of 1978 (5 U.S.C. App.) shall report to Congress instances and reasons when an agency has not met the intermediate target dates established in the remediation plan required under section 3(c). Specifically the report shall include— (1) the entity or organization responsible for the noncompliance; (2) the facts pertaining to the failure to comply with the requirements of subsection (a), including the nature and extent of the non-compliance, the primary reason or cause for the failure to comply, and any extenuating circumstances; and (3) a statement of the remedial actions needed to comply. (c) REPORTS BY THE COMPTROLLER GENERAL. —No later than October 1, 1997, and October 1, of each year thereafter, the Comptroller General of the United States shall report to the appropriate committees of the Congress concerning— (1) compliance with the requirements of section 3(a) of this Act, including whether the financial statements of the Federal Government have been prepared in accordance with applicable accounting standards; and (2) the adequacy of applicable accounting standards for the Federal Government. SEC. 805. CONFORMING AMENDMENTS. 31 USC 3512 (a) AUDITS BY AGENCIES. —Section 3521(f)(1) of title 31, United °°*®' States Code, is amended in the first sentence by inserting "and the Controller of the Office of Federal Financial Management" before the period. (b) FINANCIAL MANAGEMENT STATUS REPORT. —Section 3512(a)(2) of title 31, United States Code, is amended by— (1) in subparagraph (D) by striking "and' after the semicolon; (2) by redesignating subparagraph (E) as subparagraph (F); and

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