; and (B) by striking subsection (h) and inserting the following: (h) Audit of agency The Agency shall prepare and submit to the Congress and the Director of the Office of Management and Budget an audited financial statement for each fiscal year, covering all accounts and associated activities of each office, bureau, and activity of the Agency. The audited financial statement shall include the consolidated balance sheet, the consolidated statement of net cost, the consolidated statement of changes in net position, the combined statement of budgetary resources, and such comments and information as may be deemed necessary to inform Congress of the financial operations and condition of the Agency. The Agency shall provide for an audit of the financial statements of the Agency on an annual basis by an independent external auditor in accordance with the United States generally accepted government auditing standards as may be prescribed by the Comptroller General of the United States. . (2) Application The amendments made by paragraph (1) shall apply to any audit performed under section 1316 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4516 ) with respect to a fiscal year beginning on or after October 1, 2020. (d) Federal Civil Penalties Inflation Adjustment Act The Federal Civil Penalties Inflation Adjustment Act of 1990 ( 28 U.S.C. 2461 note), is amended in section 7 by striking subsection (c).