; (ii) provide appropriate oversight of projects authorized under this section; and (iii) provide technical assistance training and outreach to recipients in the geographical jurisdiction of the participating entity of amounts under this section, including with respect to updating hazard mitigation plans and participating in the Community Rating System, in an amount that is not more than 5 percent of the funds made available to the entity under this section. (B) Description The amount described in this subparagraph is an amount equal to the sum of— (i) any fees collected by a participating entity to recover the costs described in subparagraph (A)(i), regardless of the source; and (ii) the greatest of— (I) $100,000; (II) 1.0 percent of the value of the mitigation loan fund, as of the date on which the valuation is made; and (III) an amount equal to 2.0 percent of all grant awards made to a participating entity for the mitigation loan fund under this section for the fiscal year. (3) Audit and report (A) Audit requirement Not less frequently than every 2 years, each participating entity shall conduct an audit of the mitigation loan fund of the entity. (B) Report Each participating entity shall submit to the Administrator a biennial report regarding the activities of the participating entity under this section during the period covered by the report, including— (i) the result of any audit conducted by the participating entity under subparagraph (A); and (ii) a review of the effectiveness of the mitigation loan fund of the entity with respect to— (I) the intended use plans of the entity; and (II) meeting the objectives described in subsection (b)(1). (4) Oversight In conducting oversight with respect to mitigation loan funds established under this section, the Administrator— (A) shall— (i) periodically audit the funds in accordance with procedures established by the Comptroller General of the United States