106 STAT. 3998 PUBLIC LAW 102-550—OCT. 28, 1992

(3) by adding at the end the following new paragraph:
"(2) To carry out this subsection, the representatives of the
General Accounting Office shall have access, upon request to the
corporation or any auditor for an audit of the corporation under
subsection (1), to any books, accounts, financial records, reports,
files, or other papers, things, or property belonging to or hi use
by the corporation and used in any such audit and to any papers,
records, files, and reports of the auditor used hi such an audit.",
(m) FINANCIAL REPORTS TO DIRECTOR.—Section 309 of the Fed-
eral National Mortgage Association Charter Act (12 U.S.C. 1723a)
is amended by adding at the end the following new subsection:
"(kXD The corporation shall submit to the Director of the
Office of Federal Housing Enterprise Oversight of the Department
of Housing and Urban Development annual and quarterly reports
of the financial condition and operations of the corporation which
shall be in such form, contain such information, and be submitted
on such dates as the Director shall require.
"(2) Each such annual report shall include—

"(A) financial statements prepared in accordance with gen-
erally accepted accounting principles;

"(B) any supplemental information or alternative presen-
tation that the Director may require; and

"(C) an assessment (as of the end of the corporation's
most recent fiscal year), signed by the chief executive officer
and chief accounting or financial officer of the corporation,
of—

"(i) the effectiveness of the internal control structure
and procedures of the corporation; and

(ii) the compliance of the corporation with designated
safety and soundness laws.

"(3) The corporation shall also submit to the Director any
other reports required by the Director pursuant to section 1314
of the Federal Housing Enterprises Financial Safety and Soundness
Act of 1992.

"(4) Each report of financial condition shall contain a declara-
tion by the president, vice president, treasurer, or any other officer
designated by the board of directors of the corporation to make
such declaration, that the report is true and correct to the best
of such officer's knowledge and belief.".

(n) AUDITS OF FINANCIAL STATEMENTS.—Section 309 of the
Federal National Mortgage Association Charter Act (12 U.S.C.
1723a) is amended by adding after subsection (k) (as added by
subsection (m) of this section) the following new subsection:

"(1XD The corporation shall have an annual independent audit
made of its financial statements by an independent public account-
ant in accordance with generally accepted auditing standards.

"(2) In conducting an audit under this subsection, the independ-
ent public accountant shall determine and report on whether the
financial statements of the corporation (A) are presented fairly
in accordance with generally accepted accounting principles, and
(B) to the extent determined necessary by the Director, comply
with any disclosure requirements imposed under subsection
(kX2XB)A ^ ^

(o) MORTGAGE DATA COLLECTION AND REPORTING REQUIRE-
MENTS.—Section 309 of the Federal National Mortgage Association
Charter Act (12 U.S.C. 1723a) is amended by adding after sub-