[Congressional Record Volume 166, Number 213 (Wednesday, December 16, 2020)]
[Senate]
[Pages S7558-S7561]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         CFO VISION ACT OF 2020

  Mr. MORAN. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 572, S. 3287.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 3287) to modify the governmentwide financial 
     management plan, and for other purposes.

  There being no objection, the Senate proceeded to consider the bill, 
which had been reported from the Committee on Homeland Security and 
Governmental Affairs, with an amendment to strike all after the 
enacting clause and insert in lieu thereof the following

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``CFO Vision Act of 2020''.

     SEC. 2. CHIEF FINANCIAL OFFICERS; GOVERNMENTWIDE FINANCIAL 
                   MANAGEMENT PLAN.

       (a) Chief Financial Officer and Deputy Chief Financial 
     Officer.--Chapter 9 of title 31, United States Code, is 
     amended--
       (1) in section 902(a)--
       (A) in the matter preceding paragraph (1), by striking 
     ``An'' and inserting ``It shall be the duty and 
     responsibility of each agency Chief Financial Officer to 
     oversee and provide leadership in the areas of budget 
     formulation and execution, planning and performance, risk 
     management, internal controls, financial systems, accounting, 
     and other areas as the Director of the Office of Management 
     and Budget may designate. In carrying out the preceding 
     sentence, each'';
       (B) in paragraph (3)--
       (i) in subparagraph (C), by inserting ``areas and'' before 
     ``systems''; and
       (ii) in subparagraph (D)--

       (I) in clause (iii), by striking ``and'' at the end;
       (II) in clause (iv), by striking ``performance;'' and 
     inserting ``performance and integration of performance and 
     cost information; and''; and
       (III) by adding at the end the following:

       ``(v) annual agency financial statements prepared in 
     accordance with United States generally accepted accounting 
     principles;''.
       (C) by redesignating paragraph (8) as paragraph (10);
       (D) by redesignating paragraphs (5) through (7) as 
     paragraphs (6) through (8), respectively;
       (E) by inserting after paragraph (4) the following:
       ``(5) prepare, in consultation with financial management 
     and other appropriate experts, an agency plan to implement 
     the 4-year financial management plan prepared by the Director 
     of the Office of Management and Budget under section 
     3512(a)(2) of this title and to achieve and sustain effective 
     financial management in the agency, which shall--
       ``(A) be completed within 90 days of the issuance of a 
     governmentwide plan under section 3512(a)(2) of this title;
       ``(B) be revised as determined necessary by the Chief 
     Financial Officer;
       ``(C) include performance-based financial management 
     metrics against which the financial management performance of 
     the agency shall be assessed; and
       ``(D) be submitted upon completion or revision to the head 
     of the agency, the Director of the Office of Management and 
     Budget, the Comptroller General, and appropriate committees 
     of Congress, and be made publicly available;'';
       (F) in paragraph (6), as so redesignated--
       (i) by striking subparagraph (A);
       (ii) by redesignating subparagraphs (B) through (E) as 
     subparagraphs (A) through (D), respectively; and
       (iii) in subparagraph (C), as so redesignated, by adding 
     ``and'' at the end;
       (G) in paragraph (7), as so redesignated--
       (i) in the matter preceding subparagraph (A), by striking 
     ``and the Director of the Office of Management and Budget,'' 
     and inserting ``, the Director of the Office of Management 
     and Budget, the Comptroller General, and appropriate 
     committees of Congress, which shall be made publicly 
     available and'';
       (ii) in subparagraph (A), by striking ``agency;'' and 
     inserting ``agency, including--
       ``(i) the progress of the agency in implementing the agency 
     plan described in paragraph (5);
       ``(ii) the progress of the agency in implementing the 
     governmentwide 4-year financial management plan prepared by 
     the Director of the Office of Management and Budget under 
     section 3512(a)(2) of this title; and
       ``(iii) the performance of the agency against financial 
     management metrics established by the Director of the Office 
     of Management and Budget;''; and
       (iii) in subparagraph (D)--

       (I) by striking ``of the reports'' and inserting ``of--

       ``(i) the reports'';

       (II) in clause (i), as so designated, by striking ``the 
     amendments made by the Federal Managers' Financial Integrity 
     Act of 1987 (Public law 97-255); and'' and inserting 
     ``section 3512(d) of this title;''; and
       (III) by adding at the end the following:

[[Page S7559]]

       ``(ii) agency spending data published under the Federal 
     Funding Accountability and Transparency Act of 2006 (31 
     U.S.C. 6101 note); and
       ``(iii) the reporting of the agency under the Federal 
     Financial Management Improvement Act of 1996 (31 U.S.C. 3512 
     note); and'';
       (H) in paragraph (8), as so redesignated--
       (i) by striking ``monitor the'' and insert ``manage the 
     formulation and''; and
       (ii) by striking ``, and prepare and submit to the head of 
     the agency timely performance reports; and'' and inserting a 
     semicolon;
       (I) by inserting after paragraph (8), as so redesignated, 
     the following:
       ``(9) be responsible for linking performance and cost 
     information, including the preparation and submission to the 
     head of the agency of timely performance reports that 
     incorporate cost information;'';
       (J) in paragraph (10), as so redesignated--
       (i) by inserting ``inflation and'' before ``costs''; and
       (ii) by striking the period at the end and inserting ``; 
     and''; and
       (K) by adding at the end the following:
       ``(11) coordinate with senior agency personnel, including 
     the Chief Data Officer, Chief Information Officer, Chief 
     Performance Officer, Chief Acquisition Officer, Chief Risk 
     Officer, and Chief Evaluation Officer of the agency on--
       ``(A) the exercise of authorities under this subsection; 
     and
       ``(B) the strategic planning, performance measurement and 
     reporting, and risk management functions of the agency.''; 
     and
       (2) in section 903--
       (A) in subsection (a), by inserting ``and who shall assist 
     the agency Chief Financial Officer in the performance of each 
     of the duties of the agency Chief Financial Officer under 
     this chapter'' after ``matters''; and
       (B) by adding at the end the following:
       ``(c) Notwithstanding subchapter III of chapter 33 of title 
     5, in the event of a vacancy in the position of Chief 
     Financial Officer of an agency, the Deputy Chief Financial 
     Officer of the agency shall serve as the acting Chief 
     Financial Officer.''.
       (b) Governmentwide Financial Management Plan.--Section 3512 
     of title 31, United States Code, is amended--
       (1) in subsection (a)--
       (A) in paragraph (1), by striking ``a financial management 
     status report and a governmentwide 5-year financial 
     management plan'' and inserting ``a governmentwide 4-year 
     financial management plan and a financial management status 
     report'';
       (B) by striking paragraph (2);
       (C) by redesignating paragraph (3) as paragraph (2);
       (D) in paragraph (2), as so redesignated--
       (i) in subparagraph (A)--

       (I) by striking ``5-year'' and inserting ``4-year'';
       (II) by striking ``shall describe'' and inserting the 
     following: ``shall--

       ``(i) describe'';

       (III) in clause (i), as so designated, by striking ``5 
     fiscal years to improve the financial management of the 
     Federal Government.'' and inserting ``4 fiscal years to 
     improve the financial management of the Federal Government in 
     a manner that is strategic, comprehensive, and cost-
     effective; and''; and
       (IV) by adding at the end the following:

       ``(ii) be developed in consultation with the Chief 
     Financial Officers Council, the Chief Information Officers 
     Council, the Chief Data Officer Council, the Chief 
     Acquisition Officers Council, the Council of the Inspectors 
     General on Integrity and Efficiency, the Government 
     Accountability Office, and, as appropriate, other councils 
     and financial management experts.''; and
       (ii) in subparagraph (B)--

       (I) in the matter preceding clause (i), by striking ``5-
     year'' and inserting ``4-year'';
       (II) in clause (iii)--

       (aa) by striking ``for developing'' and inserting ``for 
     improving financial management systems, including--
       ``(I) developing''; and
       (bb) by adding at the end the following:
       ``(II) linking performance and cost information to 
     facilitate effective and efficient decision making;
       ``(III) eliminating duplicative and unnecessary systems and 
     activities; and
       ``(IV) identifying opportunities for agencies to share 
     systems and services and encouraging agencies to do so where 
     practicable;'';

       (III) by striking clause (iv);
       (IV) by redesignating clause (v) as clause (iv);
       (V) by inserting after clause (iv), as so redesignated, the 
     following:

       ``(v) provide a strategy for reporting performance and cost 
     information;'';

       (VI) in clause (vi), by striking ``5-year'' and inserting 
     ``4-year'';
       (VII) in clause (vii), by striking ``identify'' and 
     inserting ``provide a strategy for strengthening the Federal 
     financial management workforce, including identification 
     of'';
       (VIII) in clause (viii), by striking ``and'' at the end;
       (IX) by redesignating clause (ix) as clause (x);
       (X) by inserting after clause (viii) the following:

       ``(ix) include comprehensive financial management 
     performance-based metrics against which the financial 
     management performance of executive agencies can be assessed; 
     and''; and

       (XI) in clause (x), as so redesignated, by striking ``5-
     year'' and inserting ``4-year'';

       (E) by inserting after paragraph (2) the following:
       ``(3) 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, including the progress 
     made towards implementing the governmentwide 4-year financial 
     management plan, the status of remaining challenges, and, as 
     necessary based on obligations or expenditures, any updates 
     or revisions to the cost estimates included in the most 
     recent governmentwide 4-year financial management plan;
       ``(B) a summary of the performance of agencies against the 
     metrics developed and identified by the Director of the 
     Office of Management and Budget in the governmentwide 4-year 
     financial management plan;
       ``(C) a summary of the most recently completed financial 
     statements--
       ``(i) of Federal agencies under section 3515 of this title; 
     and
       ``(ii) of Government corporations;
       ``(D) a summary of the most recently completed financial 
     statement audits and reports--
       ``(i) of Federal agencies under subsections (e) and (f) of 
     section 3521 of this title; and
       ``(ii) of Government corporations;
       ``(E) a summary of reports on internal accounting and 
     administrative control systems submitted to the President and 
     Congress under subsection (d);
       ``(F) a listing of agencies whose financial management 
     systems do not comply substantially with the requirements of 
     section 803(a) of the Federal Financial Management 
     Improvement Act of 1996 (31 U.S.C. 3512 note), and a summary 
     statement of the efforts underway to remedy the 
     noncompliance; and
       ``(G) any other information the Director considers 
     appropriate to fully inform Congress regarding the financial 
     management of the Federal Government.'';
       (F) in paragraph (4)--
       (i) in subparagraph (A)--

       (I) by striking ``15 months after the date of the enactment 
     of this subsection'' and inserting ``6 months after the date 
     of enactment of the CFO Vision Act of 2020''; and
       (II) by striking ``5-year'' and inserting ``4-year''; and

       (ii) in subparagraph (B)--

       (I) in clause (i)--

       (aa) by striking ``Not later than January 31 of each year 
     thereafter'' and inserting ``At a minimum, concurrently with 
     the submission of the budget of the United States Government 
     under section 1105(a) of this title made in the first full 
     fiscal year following any year in which the term of the 
     President commences under section 101 of title 3'';
       (bb) by striking ``financial management status report and a 
     revised governmentwide 5-year'' and inserting 
     ``governmentwide 4-year''; and
       (cc) by striking ``5 fiscal years'' and all that follows 
     through the period at the end and inserting ``4 fiscal 
     years.''; and

       (II) in clause (ii)--

       (aa) by striking ``revised governmentwide 5-year'' and 
     inserting ``governmentwide 4-year''; and
       (bb) by striking ``paragraph (3)(B)(viii)'' and inserting 
     ``paragraph (2)(B)(viii)''; and
       (iii) by adding at the end the following:
       ``(C) Each year, concurrently with the submission of the 
     budget of the United States Government under section 1105(a) 
     of this title, the Director of the Office of Management and 
     Budget shall submit to the appropriate committees of Congress 
     and the Comptroller General a financial management status 
     report.''; and
       (G) by striking paragraph (5);
       (2) in subsection (d)(2)--
       (A) in subparagraph (A), by striking ``and'' at the end;
       (B) in subparagraph (B), by striking the period at the end 
     and inserting ``; and''; and
       (C) by adding at the end the following:
       ``(C) a separate report on the results of the assessment 
     and conclusion required under subsection (e)(2).'';
       (3) by redesignating subsections (e), (f), and (g) as 
     subsections (f), (g), and (h), respectively; and
       (4) by inserting after subsection (d) the following:
       ``(e) The head of each executive agency shall--
       ``(1) in establishing the internal accounting and 
     administrative controls under subsection (c), identify the 
     key financial management information needed for effective 
     financial management and decision making; and
       ``(2) annually assess and make a conclusion on the 
     effectiveness of the internal controls of the executive 
     agency over financial reporting and key financial management 
     information identified under paragraph (1).''.
       (c) Audits by Agencies.--Section 3521 of title 31, United 
     States Code, is amended--
       (1) in subsection (e)--
       (A) by redesignating paragraphs (1) and (2) as 
     subparagraphs (A) and (B), respectively, and adjusting the 
     margins accordingly;
       (B) by striking ``(e) Each financial'' and inserting 
     ``(e)(1) Each financial'';
       (C) in paragraph (1), as so designated, by striking 
     ``standards--'' and inserting ``standards.''; and
       (D) by inserting after paragraph (1), as so designated, the 
     following:
       ``(2) As part of each audit under this subsection, the 
     auditor shall--
       ``(A) evaluate the design of the internal control of the 
     agency over financial reporting and key financial 
     information, as assessed and reported on by the head of the 
     agency under section 3512(d)(2)(C) of this title;
       ``(B) determine whether those controls have been 
     implemented;
       ``(C) for controls that are properly designed and 
     implemented, perform sufficient tests of those controls to 
     conclude whether the controls are operating effectively and 
     to support a low level of assessed control risk; and
       ``(D) communicate controls that the auditor concludes are 
     not suitably designed and implemented or are not operating 
     effectively, as appropriate under applicable generally 
     accepted government auditing standards.

[[Page S7560]]

       ``(3) Audits under this subsection shall be conducted--''; 
     and
       (2) in subsection (h), by striking ``section 
     3512(a)(3)(B)(viii)'' and inserting ``section 
     3512(a)(2)(B)(viii)''.
       (d) Technical and Conforming Amendment.--Section 3348(e) of 
     title 5, United States Code, is amended--
       (1) in paragraph (3), by adding ``or'' at the end;
       (2) by striking paragraph (4); and
       (3) by redesignating paragraph (5) as paragraph (4).
  Mr. MORAN. I ask unanimous consent that the Enzi amendment at the 
desk be considered and agreed to; that the committee-reported 
substitute amendment, as amended, be agreed to; that the bill, as 
amended, be considered read a third time and passed; and that the 
motion to reconsider be considered made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment (No. 2711) was agreed to, as follows

                     (Purpose: To improve the bill)

       On page 33, lines 5 and 6 strike ``effectively and'' and 
     insert ``effectively, including sufficient tests''.

  The committee-reported amendment in the nature of a substitute, as 
amended, was agreed to.
  The bill (S. 3287), as amended, was ordered to be engrossed for a 
third reading, was read the third time, and passed, as follows

                                S. 3287

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``CFO Vision Act of 2020''.

     SEC. 2. CHIEF FINANCIAL OFFICERS; GOVERNMENTWIDE FINANCIAL 
                   MANAGEMENT PLAN.

       (a) Chief Financial Officer and Deputy Chief Financial 
     Officer.--Chapter 9 of title 31, United States Code, is 
     amended--
       (1) in section 902(a)--
       (A) in the matter preceding paragraph (1), by striking 
     ``An'' and inserting ``It shall be the duty and 
     responsibility of each agency Chief Financial Officer to 
     oversee and provide leadership in the areas of budget 
     formulation and execution, planning and performance, risk 
     management, internal controls, financial systems, accounting, 
     and other areas as the Director of the Office of Management 
     and Budget may designate. In carrying out the preceding 
     sentence, each'';
       (B) in paragraph (3)--
       (i) in subparagraph (C), by inserting ``areas and'' before 
     ``systems''; and
       (ii) in subparagraph (D)--

       (I) in clause (iii), by striking ``and'' at the end;
       (II) in clause (iv), by striking ``performance;'' and 
     inserting ``performance and integration of performance and 
     cost information; and''; and
       (III) by adding at the end the following:

       ``(v) annual agency financial statements prepared in 
     accordance with United States generally accepted accounting 
     principles;''.
       (C) by redesignating paragraph (8) as paragraph (10);
       (D) by redesignating paragraphs (5) through (7) as 
     paragraphs (6) through (8), respectively;
       (E) by inserting after paragraph (4) the following:
       ``(5) prepare, in consultation with financial management 
     and other appropriate experts, an agency plan to implement 
     the 4-year financial management plan prepared by the Director 
     of the Office of Management and Budget under section 
     3512(a)(2) of this title and to achieve and sustain effective 
     financial management in the agency, which shall--
       ``(A) be completed within 90 days of the issuance of a 
     governmentwide plan under section 3512(a)(2) of this title;
       ``(B) be revised as determined necessary by the Chief 
     Financial Officer;
       ``(C) include performance-based financial management 
     metrics against which the financial management performance of 
     the agency shall be assessed; and
       ``(D) be submitted upon completion or revision to the head 
     of the agency, the Director of the Office of Management and 
     Budget, the Comptroller General, and appropriate committees 
     of Congress, and be made publicly available;'';
       (F) in paragraph (6), as so redesignated--
       (i) by striking subparagraph (A);
       (ii) by redesignating subparagraphs (B) through (E) as 
     subparagraphs (A) through (D), respectively; and
       (iii) in subparagraph (C), as so redesignated, by adding 
     ``and'' at the end;
       (G) in paragraph (7), as so redesignated--
       (i) in the matter preceding subparagraph (A), by striking 
     ``and the Director of the Office of Management and Budget,'' 
     and inserting ``, the Director of the Office of Management 
     and Budget, the Comptroller General, and appropriate 
     committees of Congress, which shall be made publicly 
     available and'';
       (ii) in subparagraph (A), by striking ``agency;'' and 
     inserting ``agency, including--
       ``(i) the progress of the agency in implementing the agency 
     plan described in paragraph (5);
       ``(ii) the progress of the agency in implementing the 
     governmentwide 4-year financial management plan prepared by 
     the Director of the Office of Management and Budget under 
     section 3512(a)(2) of this title; and
       ``(iii) the performance of the agency against financial 
     management metrics established by the Director of the Office 
     of Management and Budget;''; and
       (iii) in subparagraph (D)--

       (I) by striking ``of the reports'' and inserting ``of--

       ``(i) the reports'';

       (II) in clause (i), as so designated, by striking ``the 
     amendments made by the Federal Managers' Financial Integrity 
     Act of 1987 (Public law 97-255); and'' and inserting 
     ``section 3512(d) of this title;''; and
       (III) by adding at the end the following:

       ``(ii) agency spending data published under the Federal 
     Funding Accountability and Transparency Act of 2006 (31 
     U.S.C. 6101 note); and
       ``(iii) the reporting of the agency under the Federal 
     Financial Management Improvement Act of 1996 (31 U.S.C. 3512 
     note); and'';
       (H) in paragraph (8), as so redesignated--
       (i) by striking ``monitor the'' and insert ``manage the 
     formulation and''; and
       (ii) by striking ``, and prepare and submit to the head of 
     the agency timely performance reports; and'' and inserting a 
     semicolon;
       (I) by inserting after paragraph (8), as so redesignated, 
     the following:
       ``(9) be responsible for linking performance and cost 
     information, including the preparation and submission to the 
     head of the agency of timely performance reports that 
     incorporate cost information;'';
       (J) in paragraph (10), as so redesignated--
       (i) by inserting ``inflation and'' before ``costs''; and
       (ii) by striking the period at the end and inserting ``; 
     and''; and
       (K) by adding at the end the following:
       ``(11) coordinate with senior agency personnel, including 
     the Chief Data Officer, Chief Information Officer, Chief 
     Performance Officer, Chief Acquisition Officer, Chief Risk 
     Officer, and Chief Evaluation Officer of the agency on--
       ``(A) the exercise of authorities under this subsection; 
     and
       ``(B) the strategic planning, performance measurement and 
     reporting, and risk management functions of the agency.''; 
     and
       (2) in section 903--
       (A) in subsection (a), by inserting ``and who shall assist 
     the agency Chief Financial Officer in the performance of each 
     of the duties of the agency Chief Financial Officer under 
     this chapter'' after ``matters''; and
       (B) by adding at the end the following:
       ``(c) Notwithstanding subchapter III of chapter 33 of title 
     5, in the event of a vacancy in the position of Chief 
     Financial Officer of an agency, the Deputy Chief Financial 
     Officer of the agency shall serve as the acting Chief 
     Financial Officer.''.
       (b) Governmentwide Financial Management Plan.--Section 3512 
     of title 31, United States Code, is amended--
       (1) in subsection (a)--
       (A) in paragraph (1), by striking ``a financial management 
     status report and a governmentwide 5-year financial 
     management plan'' and inserting ``a governmentwide 4-year 
     financial management plan and a financial management status 
     report'';
       (B) by striking paragraph (2);
       (C) by redesignating paragraph (3) as paragraph (2);
       (D) in paragraph (2), as so redesignated--
       (i) in subparagraph (A)--

       (I) by striking ``5-year'' and inserting ``4-year'';
       (II) by striking ``shall describe'' and inserting the 
     following: ``shall--

       ``(i) describe'';

       (III) in clause (i), as so designated, by striking ``5 
     fiscal years to improve the financial management of the 
     Federal Government.'' and inserting ``4 fiscal years to 
     improve the financial management of the Federal Government in 
     a manner that is strategic, comprehensive, and cost-
     effective; and''; and
       (IV) by adding at the end the following:

       ``(ii) be developed in consultation with the Chief 
     Financial Officers Council, the Chief Information Officers 
     Council, the Chief Data Officer Council, the Chief 
     Acquisition Officers Council, the Council of the Inspectors 
     General on Integrity and Efficiency, the Government 
     Accountability Office, and, as appropriate, other councils 
     and financial management experts.''; and
       (ii) in subparagraph (B)--

       (I) in the matter preceding clause (i), by striking ``5-
     year'' and inserting ``4-year'';
       (II) in clause (iii)--

       (aa) by striking ``for developing'' and inserting ``for 
     improving financial management systems, including--
       ``(I) developing''; and
       (bb) by adding at the end the following:
       ``(II) linking performance and cost information to 
     facilitate effective and efficient decision making;
       ``(III) eliminating duplicative and unnecessary systems and 
     activities; and
       ``(IV) identifying opportunities for agencies to share 
     systems and services and encouraging agencies to do so where 
     practicable;'';

       (III) by striking clause (iv);
       (IV) by redesignating clause (v) as clause (iv);
       (V) by inserting after clause (iv), as so redesignated, the 
     following:

       ``(v) provide a strategy for reporting performance and cost 
     information;'';

[[Page S7561]]

       (VI) in clause (vi), by striking ``5-year'' and inserting 
     ``4-year'';
       (VII) in clause (vii), by striking ``identify'' and 
     inserting ``provide a strategy for strengthening the Federal 
     financial management workforce, including identification 
     of'';
       (VIII) in clause (viii), by striking ``and'' at the end;
       (IX) by redesignating clause (ix) as clause (x);
       (X) by inserting after clause (viii) the following:

       ``(ix) include comprehensive financial management 
     performance-based metrics against which the financial 
     management performance of executive agencies can be assessed; 
     and''; and

       (XI) in clause (x), as so redesignated, by striking ``5-
     year'' and inserting ``4-year'';

       (E) by inserting after paragraph (2) the following:
       ``(3) 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, including the progress 
     made towards implementing the governmentwide 4-year financial 
     management plan, the status of remaining challenges, and, as 
     necessary based on obligations or expenditures, any updates 
     or revisions to the cost estimates included in the most 
     recent governmentwide 4-year financial management plan;
       ``(B) a summary of the performance of agencies against the 
     metrics developed and identified by the Director of the 
     Office of Management and Budget in the governmentwide 4-year 
     financial management plan;
       ``(C) a summary of the most recently completed financial 
     statements--
       ``(i) of Federal agencies under section 3515 of this title; 
     and
       ``(ii) of Government corporations;
       ``(D) a summary of the most recently completed financial 
     statement audits and reports--
       ``(i) of Federal agencies under subsections (e) and (f) of 
     section 3521 of this title; and
       ``(ii) of Government corporations;
       ``(E) a summary of reports on internal accounting and 
     administrative control systems submitted to the President and 
     Congress under subsection (d);
       ``(F) a listing of agencies whose financial management 
     systems do not comply substantially with the requirements of 
     section 803(a) of the Federal Financial Management 
     Improvement Act of 1996 (31 U.S.C. 3512 note), and a summary 
     statement of the efforts underway to remedy the 
     noncompliance; and
       ``(G) any other information the Director considers 
     appropriate to fully inform Congress regarding the financial 
     management of the Federal Government.'';
       (F) in paragraph (4)--
       (i) in subparagraph (A)--

       (I) by striking ``15 months after the date of the enactment 
     of this subsection'' and inserting ``6 months after the date 
     of enactment of the CFO Vision Act of 2020''; and
       (II) by striking ``5-year'' and inserting ``4-year''; and

       (ii) in subparagraph (B)--

       (I) in clause (i)--

       (aa) by striking ``Not later than January 31 of each year 
     thereafter'' and inserting ``At a minimum, concurrently with 
     the submission of the budget of the United States Government 
     under section 1105(a) of this title made in the first full 
     fiscal year following any year in which the term of the 
     President commences under section 101 of title 3'';
       (bb) by striking ``financial management status report and a 
     revised governmentwide 5-year'' and inserting 
     ``governmentwide 4-year''; and
       (cc) by striking ``5 fiscal years'' and all that follows 
     through the period at the end and inserting ``4 fiscal 
     years.''; and

       (II) in clause (ii)--

       (aa) by striking ``revised governmentwide 5-year'' and 
     inserting ``governmentwide 4-year''; and
       (bb) by striking ``paragraph (3)(B)(viii)'' and inserting 
     ``paragraph (2)(B)(viii)''; and
       (iii) by adding at the end the following:
       ``(C) Each year, concurrently with the submission of the 
     budget of the United States Government under section 1105(a) 
     of this title, the Director of the Office of Management and 
     Budget shall submit to the appropriate committees of Congress 
     and the Comptroller General a financial management status 
     report.''; and
       (G) by striking paragraph (5);
       (2) in subsection (d)(2)--
       (A) in subparagraph (A), by striking ``and'' at the end;
       (B) in subparagraph (B), by striking the period at the end 
     and inserting ``; and''; and
       (C) by adding at the end the following:
       ``(C) a separate report on the results of the assessment 
     and conclusion required under subsection (e)(2).'';
       (3) by redesignating subsections (e), (f), and (g) as 
     subsections (f), (g), and (h), respectively; and
       (4) by inserting after subsection (d) the following:
       ``(e) The head of each executive agency shall--
       ``(1) in establishing the internal accounting and 
     administrative controls under subsection (c), identify the 
     key financial management information needed for effective 
     financial management and decision making; and
       ``(2) annually assess and make a conclusion on the 
     effectiveness of the internal controls of the executive 
     agency over financial reporting and key financial management 
     information identified under paragraph (1).''.
       (c) Audits by Agencies.--Section 3521 of title 31, United 
     States Code, is amended--
       (1) in subsection (e)--
       (A) by redesignating paragraphs (1) and (2) as 
     subparagraphs (A) and (B), respectively, and adjusting the 
     margins accordingly;
       (B) by striking ``(e) Each financial'' and inserting 
     ``(e)(1) Each financial'';
       (C) in paragraph (1), as so designated, by striking 
     ``standards--'' and inserting ``standards.''; and
       (D) by inserting after paragraph (1), as so designated, the 
     following:
       ``(2) As part of each audit under this subsection, the 
     auditor shall--
       ``(A) evaluate the design of the internal control of the 
     agency over financial reporting and key financial 
     information, as assessed and reported on by the head of the 
     agency under section 3512(d)(2)(C) of this title;
       ``(B) determine whether those controls have been 
     implemented;
       ``(C) for controls that are properly designed and 
     implemented, perform sufficient tests of those controls to 
     conclude whether the controls are operating effectively, 
     including sufficient tests to support a low level of assessed 
     control risk; and
       ``(D) communicate controls that the auditor concludes are 
     not suitably designed and implemented or are not operating 
     effectively, as appropriate under applicable generally 
     accepted government auditing standards.
       ``(3) Audits under this subsection shall be conducted--''; 
     and
       (2) in subsection (h), by striking ``section 
     3512(a)(3)(B)(viii)'' and inserting ``section 
     3512(a)(2)(B)(viii)''.
       (d) Technical and Conforming Amendment.--Section 3348(e) of 
     title 5, United States Code, is amended--
       (1) in paragraph (3), by adding ``or'' at the end;
       (2) by striking paragraph (4); and
       (3) by redesignating paragraph (5) as paragraph (4).

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