Section 22Sec./Art. 22

Reporting and Oversight. - The Secretary of National Defense shall, not later than the end of the first quarter of the succeeding year, submit to the President and the Congress:

(a) An annual report on the acquisition made under this Act including identified causes of delays, reasons for bottlenecks, cost overruns, both actual and prospective, and continued viability; and

(b) Copies of the multi-year contracts, obligations and other agreements entered into by the department and its bureaus.

Pursuant to its constitutional duties, the Commission on Audit (COA) and the Congress shall discharge oversight functions, to wit:

The COA shall conduct an audit on each ongoing and completed acquisition and render a report thereon to the Congress, not later than June 30 of each year. There shall be a Congressional Oversight Committee composed of the Chairpersons of the Committees on National Defense and Security of both Senate and House of Representatives who shall serve as Co-Chairpersons of the oversight committee, the Chairperson of the Committee on Ways and Means of both Senate and House of Representatives who shall serve as Co-Vice Chairperson, four (4) members each from the Senate and the House of Representatives representing the majority and two (2) members each from the Senate and House of Representatives representing the minority to be designated by the Senate President and Speaker of the House of Representatives.