Contingency Operation and Emergency Oversight Act of 2011

Contingency Operation and Emergency Oversight Act of 2011 - Establishes the Office of the Special Inspector General for Overseas Contingency Operations (OSIG-OCO), headed by a Special Inspector General (SIG), who shall conduct, supervise, and coordinate audits and investigations of the treatment, handling, and expenditure of amounts appropriated for overseas contingency operations, and of the programs, operations, and contracts carried out with such funds, in order to prevent and detect waste, fraud, and abuse.

Directs the SIG to appoint an Assistant Special Inspector General for Auditing and another for Investigations.

Requires such audits and investigations to include activities funded or undertaken outside the United States, by the Department of Defense (DOD) and either the Department of State or U.S. Agency for International Development (USAID), to: (1) build or rebuild physical infrastructure; (2) establish a political, security, or societal institution; (3) provide products or services to people of a foreign country; and (4) respond to emergencies, destabilization, armed conflict, or other circumstances requiring rapid response.

Directs the SIG to report to Congress on the obligations, expenditures, and revenues of such operations (including a project-by-project, program-by-program accounting of incurred costs and an estimate of the costs to complete each project and program): (1) quarterly during overseas contingency operations, and (2) annually when the United States is not engaged in such operations. Requires such reports to be made public, subject to exceptions for national security, criminal investigations, and presidential waivers for national security reasons.

Requires the SIG to establish the Center on Contingency Contracting to: (1) archive findings of the Commission on Wartime Contracting, reports by the Special Inspectors General for Iraq and Afghanistan Reconstruction, and reports by other Inspectors General and Congress on contracting for activities relating to the wars in Iraq and Afghanistan; (2) hold related symposia and events; and (3) support wartime contracting scholarship.

Terminates the Office of the Special Inspector General for: (1) Iraq Reconstruction by September 30, 2012; and (2) Afghanistan Reconstruction by February 28, 2013. Transfers the assets and obligations of such offices to the OSIG-OCO.