(a) A local school system shall be subject to a performance evaluation conducted by the Office of Program Evaluation and Government Accountability in accordance with § 2–1234 of the State Government Article, including:
(1) An evaluation of whether or not the school system is complying with federal and State laws and regulations;
(2) An analysis of grading standards, graduation requirements, assessments, procurement, and equitable use of resources among the schools within the system evaluated; and
(3) An evaluation of instances of fraud, waste, and abuse.
(b) A performance evaluation conducted under subsection (a) of this section may be performed concurrently with or separately from an audit conducted by the Office of Legislative Audits in accordance with § 2–1220 of the State Government Article.