Summary: H.R.4685 — 107th Congress (2001-2002)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House amended (10/07/2002)

Accountability of Tax Dollars Act of 2002 - Requires executive agencies that are not otherwise required to submit annual audited financial statements (excluding Government corporations) to submit such statements to Congress and the Director of the Office of Management and Budget. (Allows the Director to waive such requirement for the first two fiscal years after enactment of this Act.)

Authorizes the Director to exempt a covered agency, with specified exceptions, from preparing such a statement for any fiscal year for which: (1) the total amount of budget authority available to the agency does not exceed $25 million; and (2) the Director determines that requiring an annual audited financial statement is not warranted due to the absence of risks associated with the agency's operations, the agency's demonstrated performance, or other factors that the Director considers relevant. Requires the Director to annually notify the House Committee on Government Reform and the Senate Committee on Governmental Affairs of each agency the Director has exempted and the reasons for each exemption.