Audit Collection Services (ACS) reporting can be installed in two configurations. A Microsoft SQL Server 2005 Reporting Services (SRS) SP1 or SP2 instance with Operations Manager Reporting already installed. A benefit of this is the ability to view ACS Reports in the Operations Console. A SRS instance without Operations Manager Reporting installed. The installation procedures for ACS Reporting do not differ, but the application of access control is different. By deploying ACS Reporting on the same...(read more)

Read the complete post at http://scug.be/blogs/scom/archive/2008/08/27/how-to-deploy-operations-manager-2007-acs-reporting.aspx