; or (B) certify to the appropriate committees of Congress that no action is necessary or appropriate. . (2) Application The amendment made by paragraph (1) shall apply to any audit performed under section 116(b) of the Emergency Economic Stabilization Act of 2008 ( 12 U.S.C. 5226(b) ), as amended by paragraph (1), with respect to a fiscal year beginning on or after October 1, 2020. (b) Bureau of Consumer Financial Protection (1) In general Section 1017(a) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5497(a) ) is amended by striking paragraph (5) and inserting the following: (5) Audit of the Bureau The Bureau 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 Bureau. The audited financial statement shall include the balance sheet, the statement of net cost, the statement of changes in net position, the statement of budgetary resources, and such comments and information as may be determined necessary to inform Congress of the financial operations and condition of the Bureau. The Office of Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall provide for an audit of the financial statements of the Bureau 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) Repeal of previous requirement Section 1016A of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5496a ) is repealed. (3) Application The amendments made by paragraphs (1) and (2) shall apply to any audit performed under section 1017 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5497 ) or section 1016A of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5496a ), as amended by paragraphs (1) and