AUDITS AND REPORTS.

SEC. 6303. AUDITS AND REPORTS.(a) Audit.—(1) In general.—The financial transactions and activities of the Housing Assistance Council shall be audited annually by an independent certified public accountant or an independent licensed public accountant certified or licensed by a regulatory authority of a State or other political subdivision of the United States.(2) Requirements of audits.—The Comptroller General of the United States may rely on any audit completed under paragraph (1), if the audit complies with—(A) the annual programmatic and financial examination requirements established in OMB Circular A-133; and(B) generally accepted government auditing standards.(3) Report to congress.—The Comptroller General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representative a report detailing each audit completed under paragraph (1).(b) GAO Report.—The Comptroller General of the United States shall conduct a study and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representative on the use of any funds appropriated to the Housing Assistance Council over the past 7 years.