104 STAT. 2852 PUBLIC LAW 101-576 —NOV. 15, 1990 for the accounts of all of the offices, bureaus, and activities of that department. (3) Not later than March 31, 1993, the head of the Department of the Air Force, the Internal Revenue Service, and the United States Customs Service, shall each prepare and submit to the Director of the Office of Management and Budget financial statements for the preceding fiscal year for the accounts of all of the offices, bureaus, and activities of that department or service. (4) Each financial statement prepared under this subsection shall be audited in accordance with section 3521(e), (f), (g), and (h) of title 31, United States Code. 31 USC 3515 (e) REPORT ON INITIAL FINANCIAL STATEMENTS. —Not later than "°*®- June 30, 1993, the Director of the Office of Management and Budget shall report to the Congress on the financial statements prepared for fiscal years 1990, 1991, and 1992 under subsection (a) of section 3515 of title 31, United States Code (as added by subsection (a) of this section) and under subsection (d) of this section. The report shall include analysis of^ (1) the accuracy of the data included in the financial statements; (2) the difficulties each department and agency encountered in preparing the data included in the financial statements; (3) the benefits derived from the preparation of the financial statements; and (4) the cost associated with preparing and auditing the financial statements, including a description of any activities that were foregone as a result of that preparation and auditing. (f) CLERICAL AMENDMENT.—The table of sections at the beginning of chapter 35 of title 31, United States Code, is amended by inserting after the item relating to section 3514 the following: "3515. Financial statements of agencies.". SEC. 304. FINANCIAL AUDITS OF AGENCIES. (a) IN GENERAL.— Section 3521 of title 31, United States Code, is amended by adding at the end the following new subsections: "(e) Each financial statement prepared under section 3515 by an agency shall be audited in accordance with applicable generally accepted government auditing standards— "(1) in the case of an agency having an Inspector General appointed under the Inspector General Act of 1978 (5 U.S.C. App.), by the Inspector General or by an independent external auditor, as determined by the Inspector General of the agency; and "(2) in any other case, by an independent external auditor, as determined by the head of the agency. Reports. "(f) Not later than June 30 following the fiscal year for which a financial statement is submitted under section 3515 of this title by an agency, the person who audits the statement for purpose of subsection (e) shall submit a report on the audit to the head of the agency. A report under this subsection shall be prepared in accordance with generally accepted government auditing standards. "(g) The Comptroller General of the United States— "(1) may review any audit of a financial statement conducted under this subsection by an Inspector General or an external auditor;
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