The head of each executive agency shall establish and maintain systems of accounting and internal controls that provide—
complete disclosure of the financial results of the activities of the agency;
adequate financial information the agency needs for management purposes;
effective control over, and accountability for, assets for which the agency is responsible, including internal audit;
reliable accounting results that will be the basis for—
preparing and supporting the budget requests of the agency;
controlling the carrying out of the agency budget; and
suitable integration of the accounting of the agency with the central accounting and reporting responsibilities of the Secretary of the Treasury under section 3513 of this title
In consultation with the Comptroller General, the Director of the Office of Management and Budget—
shall establish by December 31, 1982, guidelines that the head of each executive agency shall follow in evaluating the internal accounting and administrative control systems of the agency to decide whether the systems comply with subsection (c) of this section; and
may change a guideline when considered necessary.
By December 31 of each year (beginning in 1983), the head of each executive agency, based on an evaluation conducted according to guidelines prescribed under paragraph (1) of this subsection, shall prepare a statement on whether the systems of the agency comply with subsection (c) of this section, including—
if the head of an executive agency decides the systems do not comply with subsection (c) of this section, a report identifying any material weakness in the systems and describing the plans and schedule for correcting the weakness; and
a separate report on whether the accounting system of the agency conforms to the principles, standards, and requirements the Comptroller General prescribes under section 3511(a) of this title
The head of each executive agency shall sign the statement and reports required by this subsection and submit them to the President and Congress. The statement and reports are available to the public, except that information shall be deleted from a statement or report before it is made available if the information specifically is—
prohibited from disclosure by law; or
required by Executive order to be kept secret in the interest of national defense or the conduct of foreign affairs.
The Comptroller General shall review the accounting systems of each executive agency. The results of a review shall be available to the head of the executive agency, the Secretary, and the President. The Comptroller General shall report to Congress on a review when the Comptroller General considers it proper.
[Pub. L. 97–258], Sept. 13, 1982, [96 Stat. 959]; [Pub. L. 97–452, § 1(12)], Jan. 12, 1983, [96 Stat. 2468]; [Pub. L. 101–576, title III, § 301(a)], Nov. 15, 1990, [104 Stat. 2847]; [Pub. L. 103–272, § 4(f)(1)(J)], July 5, 1994, [108 Stat. 1362]; [Pub. L. 104–208, div. A, title I, § 101(f) [title VIII, § 805(b)]], Sept. 30, 1996, [110 Stat. 3009–314], 3009–392; [Pub. L. 113–101, § 4], May 9, 2014, [128 Stat. 1153]; [Pub. L. 116–283, div. H, title XCVI, § 9601(c)(2)(E)], Jan. 1, 2021, [134 Stat. 4828].)