[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4716 Reported in Senate (RS)]
<DOC>
Calendar No. 519
118th CONGRESS
2d Session
S. 4716
[Report No. 118-226]
To amend section 7504 of title 31, United States Code, to improve the
single audit requirements.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 11 (legislative day, July 10), 2024
Mr. Peters (for himself and Mr. Johnson) introduced the following bill;
which was read twice and referred to the Committee on Homeland Security
and Governmental Affairs
September 19, 2024
Reported by Mr. Peters, with an amendment
[Strike out all after the enacting clause and insert the part printed
in italic]
_______________________________________________________________________
A BILL
To amend section 7504 of title 31, United States Code, to improve the
single audit requirements.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
<DELETED>SECTION 1. SHORT TITLE.</DELETED>
<DELETED> This Act may be cited as the ``Financial Management Risk
Reduction Act''.</DELETED>
<DELETED>SEC. 2. SINGLE AUDIT IMPROVEMENTS.</DELETED>
<DELETED> Section 7504 of title 31, United States Code, is amended--
</DELETED>
<DELETED> (1) in subsection (a)--</DELETED>
<DELETED> (A) in paragraph (1), by striking ``,
and'' and inserting a semicolon;</DELETED>
<DELETED> (B) in paragraph (2), by striking the
period at the end and inserting a semicolon;
and</DELETED>
<DELETED> (C) by adding at the end the
following:</DELETED>
<DELETED> ``(3) participate in and furnish information for
the review under subsection (d); and</DELETED>
<DELETED> ``(4) identify, in coordination with the Federal
clearinghouse, recipients that expend $300,000 or more in
Federal awards or such other amount specified by the Director
under section 7502(a)(3) during the recipient's fiscal year but
did not undergo an audit in accordance with this
chapter.'';</DELETED>
<DELETED> (2) in subsection (c)--</DELETED>
<DELETED> (A) in paragraph (1), by adding ``and'' at
the end;</DELETED>
<DELETED> (B) by striking paragraph (2);
and</DELETED>
<DELETED> (C) by redesignating paragraph (3) as
paragraph (2); and</DELETED>
<DELETED> (3) by adding at the end the following:</DELETED>
<DELETED> ``(d) Not later than 2 years after the date of enactment
of this subsection, and every 2 years thereafter, the Director submit
to the Committee on Homeland Security and Governmental Affairs of the
Senate and the Committee on Oversight and Accountability of the House
of Representatives a report listing the recipients identified under
subsection (a) (4).</DELETED>
<DELETED> ``(e)(1) The Director shall designate 1 or more Federal
agencies to conduct a Government-wide analysis of single audit quality,
which may include a consideration of the results of ongoing reviews of
single audit quality by--</DELETED>
<DELETED> ``(A) Federal agencies;</DELETED>
<DELETED> ``(B) State auditors; and</DELETED>
<DELETED> ``(C) independent peer review programs.</DELETED>
<DELETED> ``(2) Not later than 3 years after the date of enactment
of this subsection, and every 6 years thereafter, the Federal agencies
designated under paragraph (1) shall complete a Government-wide
analysis of single audit quality, which shall include the views of non-
Federal entities regarding single audit quality.</DELETED>
<DELETED> ``(3) The Director shall submit to the Committee on
Homeland Security and Governmental Affairs of the Senate and the
Committee on Oversight and Accountability of the House of
Representatives and make publicly available the results of each review
under paragraph (2).</DELETED>
<DELETED> ``(f) Not later than 2 years after the date of enactment
of this subsection--</DELETED>
<DELETED> ``(1) the Administrator of General Services, in
coordination with the Director, the Council on Federal
Financial Assistance (or any successor thereto), and key
management single audit liaisons of Federal agencies designated
as described in section 200.513 of title 2, Code of Federal
Regulations (or any successor thereto), shall develop analytic
tools to use audit data in the Federal clearinghouse to
identify cross-Governmental risks to Federal award funds;
and</DELETED>
<DELETED> ``(2) the Director, in coordination with the
Administrator of General Services, the Council on Federal
Financial Assistance (or any successor thereto), and key
management single audit liaisons of Federal agencies designated
as described in section 200.513 of title 2, Code of Federal
Regulations (or any successor thereto), shall develop a
strategy to use audit data in the Federal clearinghouse to
identify cross-Governmental risks to Federal award
funds.</DELETED>
<DELETED> ``(g) Not later than 4 years after the date of enactment
of this subsection, the Comptroller General of the United States shall
complete an evaluation of--</DELETED>
<DELETED> ``(1) the effectiveness of the strategy and
analytic tools developed under subsection (f);</DELETED>
<DELETED> ``(2) reporting burdens for auditors and audited
entities and the capacity of auditors and audited entities to
fulfill the requirements under this chapter; and</DELETED>
<DELETED> ``(3) the responsiveness of Federal agencies to
repeat single audit findings and corrective action
plans.''.</DELETED>
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Management Risk Reduction
Act''.
SEC. 2. SINGLE AUDIT IMPROVEMENTS.
Section 7504 of title 31, United States Code, is amended--
(1) in subsection (a)--
(A) in paragraph (1), by striking ``, and'' and
inserting a semicolon;
(B) in paragraph (2), by striking the period at the
end and inserting a semicolon; and
(C) by adding at the end the following:
``(3) participate in and furnish information for the review
under subsection (e); and
``(4) identify recipients that expend $300,000 or more in
Federal awards or such other amount specified by the Director
under section 7502(a)(3) during the recipient's fiscal year but
did not undergo an audit in accordance with this chapter.'';
(2) in subsection (c)--
(A) in paragraph (1), by adding ``and'' at the end;
(B) by striking paragraph (2); and
(C) by redesignating paragraph (3) as paragraph
(2); and
(3) by adding at the end the following:
``(d) Not later than 2 years after the date of enactment of this
subsection, and every 2 years thereafter, the Director shall submit to
the Committee on Homeland Security and Governmental Affairs of the
Senate and the Committee on Oversight and Accountability of the House
of Representatives a report listing the recipients identified under
subsection (a)(4).
``(e)(1) The Director shall designate 1 or more Federal agencies to
conduct a Government-wide analysis of single audit quality, which may
include a consideration of the results of reviews of single audit
quality by--
``(A) Federal agencies;
``(B) inspectors general of Federal agencies;
``(C) State auditors; and
``(D) external peer reviews conducted in accordance with
generally accepted government auditing standards.
``(2) Not later than 3 years after the date of enactment of this
subsection, and every 6 years thereafter, the Federal agencies
designated under paragraph (1) shall complete a Government-wide
analysis of single audit quality.
``(3) The Director shall submit to the Committee on Homeland
Security and Governmental Affairs of the Senate and the Committee on
Oversight and Accountability of the House of Representatives and make
publicly available a summary of the results of each review under
paragraph (2).
``(f) Not later than 2 years after the date of enactment of this
subsection--
``(1) the Administrator of General Services, in
coordination with the Director, the Council on Federal
Financial Assistance (or any successor thereto), and key
management single audit liaisons of Federal agencies designated
as described in section 200.513 of title 2, Code of Federal
Regulations (or any successor thereto), shall develop analytic
tools to use audit data in the Federal clearinghouse to
identify cross-Governmental risks to Federal award funds; and
``(2) the Director, in coordination with the Administrator
of General Services, the Council on Federal Financial
Assistance (or any successor thereto), and key management
single audit liaisons of Federal agencies designated as
described in section 200.513 of title 2, Code of Federal
Regulations (or any successor thereto), shall develop a
strategy to use audit data in the Federal clearinghouse to
identify cross-Governmental risks to Federal award funds.
``(g) Not later than 4 years after the date of enactment of this
subsection, the Comptroller General of the United States shall complete
an evaluation of--
``(1) the effectiveness of the strategy and analytic tools
developed under subsection (f);
``(2) reporting burdens for auditors and audited entities
and the capacity of auditors and audited entities to fulfill
the requirements under this chapter; and
``(3) the responsiveness of Federal agencies to repeat
single audit findings and corrective action plans.''.
SEC. 3. NO ADDITIONAL FUNDS.
No additional funds are authorized to be appropriated to carry out
this Act or the amendments made by this Act.
Calendar No. 519
118th CONGRESS
2d Session
S. 4716
[Report No. 118-226]
_______________________________________________________________________
A BILL
To amend section 7504 of title 31, United States Code, to improve the
single audit requirements.
_______________________________________________________________________
September 19, 2024
Reported with an amendment