Directs the Secretary of the Interior to establish within the Department of the Interior the Minerals Management Service (MMS), to be headed by a Director appointed by the President, by and with the consent of the Senate. (The MMS currently exists, but its Director is appointed by the Secretary.)
Requires the Director to ensure that the MMS implements comprehensive financial audits of royalty payments and adjustments.
Requires the Director to issue requirements that: (1) MMS employees conducting audits and compliance reviews meet specified auditor qualifications; and (2) MMS-conducted audits reflect the latest revision of the Government Auditing Standards published by the Government Accountability Office.
Directs the Inspector General of the Department to audit and report annually to certain congressional committees on MMS activities, including leasing and royalty activities.
Requires the Secretary to certify to Congress that all Inspector General recommendations as a result of specified investigations of the royalty-in-kind program have been implemented.
Directs the Secretary to certify annually to Congress that the royalty-in-kind program is in full compliance with federal law governing procurement and ethics.
Suspends, for a specified period, the authority of the Secretary to implement each royalty-in-kind program if the Secretary fails to meet the annual certification deadline.