REPORT ON ELIMINATION AND STREAMLINING OF REPORTING REQUIREMENTS, THRESHOLDS, AND STATUTORY AND REGULATORY REQUIREMENTS RESULTING FROM UNQUALIFIED AUDIT OPINION OF DEPARTMENT OF DEFENSE FINANCIAL STATEMENTS.

SEC. 1007. REPORT ON ELIMINATION AND STREAMLINING OF REPORTING REQUIREMENTS, THRESHOLDS, AND STATUTORY AND REGULATORY REQUIREMENTS RESULTING FROM UNQUALIFIED AUDIT OPINION OF DEPARTMENT OF DEFENSE FINANCIAL STATEMENTS. Not later than 180 days after the date of the enactment of this Act, the Under Secretary of Defense (Comptroller) shall submit to the congressional defense committees a report setting forth, in the opinion of the Under Secretary, the following: (1) A list of reports currently required by law to be submitted by the Department of Defense to Congress that would be no longer necessary if the financial statements of the Department of Defense were audited with an unqualified opinion. (2) A list of each statutory and regulatory requirement that would be no longer necessary if the financial statements of the Department of defense were audited with an unqualified opinion. (3) A list of each statutory and regulatory requirement that could be revised and streamlined if the financial statement of the Department of Defense were audited with an unqualified opinion.