Page:United States Statutes at Large Volume 118.djvu/1307

 118 STAT. 1277 PUBLIC LAW 108–330—OCT. 16, 2004 (2) FEMA.—Section 901(b)(2) of title 31, United States Code, is amended by striking subparagraph (B), and by redesig nating subparagraphs (C) through (H) in order as subpara graphs (B) through (G). SEC. 4. FUNCTIONS OF CHIEF FINANCIAL OFFICER OF THE DEPART MENT OF HOMELAND SECURITY. (a) PERFORMANCE AND ACCOUNTABILITY REPORTS.—Section 3516 of title 31, United States Code, is amended by adding at the end the following: ‘‘(f) The Secretary of Homeland Security— ‘‘(1) shall for each fiscal year submit a performance and accountability report under subsection (a) that incorporates the program performance report under section 1116 of this title for the Department of Homeland Security; ‘‘(2) shall include in each performance and accountability report an audit opinion of the Department’s internal controls over its financial reporting; and ‘‘(3) shall design and implement Department wide manage ment controls that— ‘‘(A) reflect the most recent homeland security strategy developed pursuant to section 874(b)(2) of the Homeland Security Act of 2002; and ‘‘(B) permit assessment, by the Congress and by man agers within the Department, of the Department’s perform ance in executing such strategy.’’. (b) IMPLEMENTATION OF AUDIT OPINION REQUIREMENT.—The Secretary of Homeland Security shall include audit opinions in performance and accountability reports under section 3516(f) of title 31, United States Code, as amended by subsection (a), only for fiscal years after fiscal year 2005. (c) ASSERTION OF INTERNAL CONTROLS.—The Secretary of Homeland Security shall include in the performance and account ability report for fiscal year 2005 submitted by the Secretary under section 3516(f) of title 31, United States Code, an assertion of the internal controls that apply to financial reporting by the Depart ment of Homeland Security. (d) AUDIT OPINIONS OF INTERNAL CONTROLS OVER FINANCIAL REPORTING BY CHIEF FINANCIAL OFFICER AGENCIES.— (1) IN GENERAL.—Not later than 180 days after the date of the enactment of this Act, the Chief Financial Officers Council and the President’s Council on Integrity and Efficiency established by Executive Order 12805 of May 11, 1992, shall jointly conduct a study of the potential costs and benefits of requiring the agencies listed in section 901(b) of title 31, United States Code, to obtain audit opinions of their internal controls over their financial reporting. (2) REPORT.—Upon completion of the study under para graph (1), the Chief Financial Officers Council and the Presi dent’s Council on Integrity and Efficiency shall promptly submit a report on the results of the study to the Committee on Government Reform of the House of Representatives, the Com mittee on Governmental Affairs of the Senate, and the Comp troller General of the United States. (3) GENERAL ACCOUNTING OFFICE ANALYSIS.—Not later than 90 days after receiving the report under paragraph (2), the Deadline. Deadline. 31 USC 3516 note.

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