1. Short title This Act may be cited as the GAO Mandates Revision Act . 2. Audits modified (a) Troubled asset relief program (1) In general Section 116 of the Emergency Economic Stabilization Act of 2008 ( 12 U.S.C. 5226 ) is amended by striking subsection (b) and inserting the following: (b) Audits (1) Annual audit The TARP shall annually prepare and issue to the appropriate committees of Congress and the public audited financial statements that shall be— (A) prepared in accordance with generally accepted accounting principles; (B) prepared and audited in the same manner as the financial statements of covered executive agencies under section 3515 of title 31, United State Code, and executive agency components under section 3521 of such Code; and (C) prepared on the fiscal year basis prescribed under section 1102 of title 31 of such Code. (2) Audit costs (A) In general The Secretary shall transfer to the Inspector General of the Department of the Treasury such sums as are necessary to reimburse the Inspector General for the full cost of performing an audit required under paragraph (1) or procuring the audit from an independent external auditor. (B) Credit The reimbursements described in subparagraph (A) shall be credited to the appropriation account Salaries and Expenses, Office of the Inspector General, Department of the Treasury current when the payment is received and remain available until expended. (3) Corrective responses to audit problems The TARP shall— (A) take action to address deficiencies identified by the auditor of the TARP financial statements