(a) The Secretary of the Navy shall provide that the Assistant Secretary of the Navy for Financial Management shall direct and manage financial management activities and operations of the Department of the Navy, including ensuring that financial management systems of the Department of the Navy comply with subsection (b). The authority of the Assistant Secretary for such direction and management shall include the authority to
(1) supervise and direct the preparation of budget estimates of the Department of the Navy and otherwise carry out, with respect to the Department of the Navy, the functions specified for the Under Secretary of Defense (Comptroller) in section
135 (c) of this title;
(2) approve and supervise any project to design or enhance a financial management system for the Department of the Navy; and
(3) approve the establishment and supervise the operation of any asset management system of the Department of the Navy, including
(A) systems for cash management, credit management, and debt collection; and
(B) systems for the accounting for the quantity, location, and cost of property and inventory.
(b)
(1) Financial management systems of the Department of the Navy (including accounting systems, internal control systems, and financial reporting systems) shall be established and maintained in conformance with
(A) the accounting and financial reporting principles, standards, and requirements established by the Comptroller General under section
3511 of title
31; and
(B) the internal control standards established by the Comptroller General under section
3512 of title
31.
(2) Such systems shall provide for
(A) complete, reliable, consistent, and timely information which is prepared on a uniform basis and which is responsive to the financial information needs of department management;
(B) the development and reporting of cost information;
(C) the integration of accounting and budgeting information; and
(D) the systematic measurement of performance.