FINANCIAL MANAGEMENT STATUS REPORT; 5-YEAR PLAN OF DIRECTOR OF OFFICE OF MANAGEMENT AND BUDGET.

SEC. 301. FINANCIAL MANAGEMENT STATUS REPORT; 5-YEAR PLAN OF DIRECTOR OF OFFICE OF MANAGEMENT AND BUDGET. (a) In General.— Section 3512 of title 31, United States Code, is amended by striking the heading thereof, redesignating subsections (a) through (f) in order as subsections (b) through (g), and by inserting before such subsection (b), as so redesignated, the following: “§ 3512. Executive agency accounting and other financial management reports and plans “(a) (1) The Director of the Office of Management and Budget shall prepare and submit to the appropriate committees of the Congress a financial management status report and a governmentwide 5-year financial management plan. “(2) A financial management status report under this subsection shall include— “(A) a description and analysis of the status of financial management in the executive branch; “(B) a summary of the most recently completed financial statements— “(i) of Federal agencies under section 3515 of this title; and “(ii) of Government corporations; “(C) a summary of the most recently completed financial statement audits and reports— “(i) of Federal agencies under section 3521 (e) and (f) of this title; and “(ii) of Government corporations; “(D) a summary of reports on internal accounting and administrative control systems submitted to the President and the Congress under the amendments made by the Federal Managers’ Financial Integrity Act of 1982 (Public Law 97–255); and “(E) any other information the Director considers appropriate to fully inform the Congress regarding the financial management of the Federal Government. “(3) (A) A governmentwide 5-year financial management plan under this subsection shall describe the activities the Director, the Deputy Director for Management, the Controller of the Office of Federal Financial Management, and agency Chief Financial Officers shall conduct over the next 5 fiscal years to improve the financial management of the Federal Government. “(B) Each governmentwide 5-year financial management plan prepared under this subsection shall— “(i) describe the existing financial management structure and any changes needed to establish an integrated financial management system; “(ii) be consistent with applicable accounting principles, standards, and requirements; “(iii) provide a strategy for developing and integrating individual agency accounting, financial information, and other financial management systems to ensure adequacy, consistency, and timeliness of financial information; 104 STAT. 2848 “(iv) identify and make proposals to eliminate duplicative and unnecessary systems, including encouraging agencies to share systems which have sufficient capacity to perform the functions needed; “(v) identify projects to bring existing systems into compliance with the applicable standards and requirements; “(vi) contain milestones for equipment acquisitions and other actions necessary to implement the 5-year plan consistent with the requirements of this section; “(vii) identify financial management personnel needs and actions to ensure those needs are met; “(viii) include a plan for ensuring the annual audit of financial statements of executive agencies pursuant to section 3521(h) of this title; and “(ix) estimate the costs of implementing the governmentwide 5-year plan. “(4) (A) Not later than 15 months after the date of the enactment of this subsection, the Director of the Office of Management and Budget shall submit the first financial management status report and governmentwide 5-year financial management plan under this subsection to the appropriate committees of the Congress. “(B) (i) Not later than January 31 of each year thereafter, the Director of the Office of Management and Budget shall submit to the appropriate committees of the Congress a financial management status report and a revised governmentwide 5-year financial management plan to cover the succeeding 5 fiscal years, including a report on the accomplishments of the executive branch in implementing the plan during the preceding fiscal year. “(ii) The Director shall include with each revised governmentwide 5-year financial management plan a description of any substantive changes in the financial statement audit plan required by paragraph (3)(B)(viii), progress made by executive agencies in implementing the audit plan, and any improvements in Federal Government financial management related to preparation and audit of financial statements of executive agencies. “(5) Not later than 30 days after receiving each annual report under section 902(a)(6) of this title, the Director shall transmit to the Chairman of the Committee on Government Operations of the House of Representatives and the Chairman of the Committee on Governmental Affairs of the Senate a final copy of that report and any comments on the report by the Director.”. (b) Clerical Amendment.— The table of contents at the beginning of chapter 35 of title 31, United States Code, is amended by striking the item relating to section 3512 and inserting the following: “3512. Executive agency accounting and other financial management reports and plans.”.