; and (I) for an incurred cost audit of costs in an amount greater than $500,000,000, be $503,000 plus 0.45 percent of such costs. (2) An auditor that performs an incurred cost audit under this section may use a materiality standard of a lesser amount than the materiality standard described under paragraph (1) with respect to a particular qualified incurred cost submission from a contractor based on an assessment of risk presented by such qualified incurred cost submission. The risk shall be assessed by the auditor in accordance with generally accepted Government auditing standards and guidance issued by the Secretary of Defense. (3) Not later than September 1, 2020, and every 5 years thereafter, the Secretary of Defense shall submit to the congressional defense committees a report on commercially accepted standards of risk and materiality for performing incurred cost audits. The report may contain recommendations to modify the materiality standards under paragraph (1) to be consistent with such commercially accepted standards of risk and materiality. (e) Timeliness of incurred cost audits (1) The Secretary of Defense shall ensure that all incurred cost audits performed pursuant to subsection (c) are performed in a timely manner. (2) The Secretary of Defense shall notify a contractor within 30 days after receipt of an incurred cost submission from the contractor whether the submission is a qualified incurred cost submission. (3) Audit findings shall be issued for an incurred cost audit not later than one year after the date of receipt of a qualified incurred cost submission. (4) If audit findings are not issued within one year after the date of receipt of a qualified incurred cost submission, such qualified incurred cost submission shall be considered accepted in its entirety unless the Secretary of Defense can demonstrate that the contractor unreasonably withheld information necessary to perform the incurred cost audit. (f) Review of audit performance Not later than April 1, 2025, the Comptroller General of the