; (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), by striking revised governmentwide 5-year and inserting governmentwide 4-year ; 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 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 decision making; and (2) annually assess 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.