I 

118TH CONGRESS 

2D SESSION H. R. 10155 

To amend section 7504 of title 31, United States Code, to improve the 

single audit requirements. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 18, 2024 

Ms. GREENE of Georgia introduced the following bill; which was referred to 

the Committee on Oversight and Accountability 

A BILL 

To amend section 7504 of title 31, United States Code, 

to improve the single audit requirements. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Financial Management 

5 Risk Reduction Act’’. 

6 SEC. 2. SINGLE AUDIT IMPROVEMENTS. 

7 Section 7504 of title 31, United States Code, is 

8 amended— 

9 (1) in subsection (a)— 


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1 (A) in paragraph (1), by striking ‘‘, and’’ 

2 and inserting a semicolon; 

3 (B) in paragraph (2), by striking the pe4 riod at the end and inserting a semicolon; and 

5 (C) by adding at the end the following: 

6 ‘‘(3) participate in and furnish information for 

7 the review under subsection (e); and 

8 ‘‘(4) identify recipients that expend $300,000 

9 or more in Federal awards or such other amount 

10 specified by the Director under section 7502(a)(3) 

11 during the recipient’s fiscal year but did not undergo 

12 an audit in accordance with this chapter.’’; 

13 (2) in subsection (c)— 

14 (A) in paragraph (1), by adding ‘‘and’’ at 

15 the end; 

16 (B) by striking paragraph (2); and 

17 (C) by redesignating paragraph (3) as 

18 paragraph (2); and 

19 (3) by adding at the end the following: 

20 ‘‘(d) Not later than 2 years after the date of enact21 ment of this subsection, and every 2 years thereafter, the 

22 Director shall submit to the Committee on Homeland Se23 curity and Governmental Affairs of the Senate and the 

24 Committee on Oversight and Accountability of the House 


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1 of Representatives a report listing the recipients identified 

2 under subsection (a)(4). 

3 ‘‘(e)(1) The Director shall designate 1 or more Fed4 eral agencies to conduct a Government-wide analysis of 

5 single audit quality, which may include a consideration of 

6 the results of reviews of single audit quality by— 

7 ‘‘(A) Federal agencies; 

8 ‘‘(B) inspectors general of Federal agencies; 

9 ‘‘(C) State auditors; and 

10 ‘‘(D) external peer reviews conducted in accord11 ance with generally accepted government auditing 

12 standards. 

13 ‘‘(2) Not later than 3 years after the date of enact14 ment of this subsection, and every 6 years thereafter, the 

15 Federal agencies designated under paragraph (1) shall 

16 complete a Government-wide analysis of single audit qual17 ity. 

18 ‘‘(3) The Director shall submit to the Committee on 

19 Homeland Security and Governmental Affairs of the Sen20 ate and the Committee on Oversight and Accountability 

21 of the House of Representatives and make publicly avail22 able a summary of the results of each review under para23 graph (2). 

24 ‘‘(f) Not later than 2 years after the date of enact25 ment of this subsection— 


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1 ‘‘(1) the Administrator of General Services, in 

2 coordination with the Director, the Council on Fed3 eral Financial Assistance (or any successor thereto), 

4 and key management single audit liaisons of Federal 

5 agencies designated as described in section 200.513 

6 of title 2, Code of Federal Regulations (or any suc7 cessor thereto), shall develop analytic tools to use 

8 audit data in the Federal clearinghouse to identify 

9 cross-Governmental risks to Federal award funds; 

10 and 

11 ‘‘(2) the Director, in coordination with the Ad12 ministrator of General Services, the Council on Fed13 eral Financial Assistance (or any successor thereto), 

14 and key management single audit liaisons of Federal 

15 agencies designated as described in section 200.513 

16 of title 2, Code of Federal Regulations (or any suc17 cessor thereto), shall develop a strategy to use audit 

18 data in the Federal clearinghouse to identify cross19 Governmental risks to Federal award funds. 

20 ‘‘(g) Not later than 4 years after the date of enact21 ment of this subsection, the Comptroller General of the 

22 United States shall complete an evaluation of— 

23 ‘‘(1) the effectiveness of the strategy and ana24 lytic tools developed under subsection (f); 


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1 ‘‘(2) reporting burdens for auditors and audited 

2 entities and the capacity of auditors and audited en3 tities to fulfill the requirements under this chapter; 

4 and 

5 ‘‘(3) the responsiveness of Federal agencies to 

6 repeat single audit findings and corrective action 

7 plans.’’. 

8 SEC. 3. NO ADDITIONAL FUNDS. 

9 No additional funds are authorized to be appro10 priated to carry out this Act or the amendments made 

11 by this Act. 

Æ 


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