A bill to provide certain improvements in the financial planning, reporting, accounting, control, and operating procedures of the government of the District of Columbia.

Establishes the Temporary Joint Congressional Committee on Financial Oversight of the District of Columbia. Directs the committee to select persons to develop and assist in the implementation of plans for improving the financial planning, reporting, and control systems of the District of Columbia government.

Requires such person entering into a contract under this Act to establish an ongoing training program for appropriate District of Columbia personnel. Lists reporting requirements for contractors.

Authorizes the Comptroller General, after consultation with the Mayor of the District of Columbia, the Council of the District of Columbia, and the joint committee, to approve, disapprove, or modify plans submitted under this Act. States that each plan so approved or modified shall be deemed part of the financial operating procedures of the District of Columbia government.

Directs the joint committee to initiate a balance sheet audit of the financial position of the District of Columbia as of September 30, 1977, and an audit of the financial position and results of operations for fiscal years 1978 and 1979. Requires the government of the District of Columbia to conduct similar audits with respect to each fiscal year beginning with 1979.

Establishes the Audit Control Commission of the District of Columbia. Directs such commission to consult with accounting firms conducting audits under this Act on behalf of the District of Columbia.