108TH CONGRESS

2D SESSION S. 2688

AN ACT

To provide for a report of Federal entities without annually

audited financial statements.

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 ‘‘Executive Branch Fi5 nancial Accountability Reporting Act of 2004’’.
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1 SEC. 2. DEFINITION.

2 In this Act, the term ‘‘Federal entity’’ means any en3 tity established in the executive branch, including such an

4 entity that administers a special purpose program or any

5 other entity established by presidential or departmental di6 rective.

7 SEC. 3. REPORT OF FEDERAL ENTITIES WITHOUT ANNU8 ALLY AUDITED FINANCIAL STATEMENTS.

9 (a) REPORT.—

10 (1) IN GENERAL.—Not later than 120 days

11 after the date of enactment of this Act, the Director

12 of the Office of Management and Budget shall sub13 mit a report described under subsection (b) to—

14 (A) the Committee on Governmental Af15 fairs of the Senate; and

16 (B) the Committee on Government Reform

17 of the House of Representatives.

18 (b) CONTENT.—The report under paragraph (1) shall

19 include—

20 (1) a list of each Federal entity that receives an

21 exemption or waiver from the requirement for an an22 nually audited financial statement under section

23 3515 of title 31, United States Code, including the

24 entity’s budget authority and outlays for the pre25 vious and current fiscal years, and the projected

26 budget authority for the upcoming fiscal year;
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1 (2) a list of any other Federal entities, includ2 ing temporary commissions in existence at least 12

3 months, task forces, advisory boards, and other spe4 cial purpose entities, that do not annually prepare fi5 nancial statements and have such statements inde6 pendently audited, including the entities’ budget au7 thority and outlays for the previous and current fis8 cal years, and the projected budget authority for the

9 upcoming fiscal year;

10 (3) an assessment of the capability of and the

11 costs that would be incurred for Federal entities of

12 the categories listed under paragraphs (1) and (2) to

13 prepare annual financial statements and to have

14 such statements independently audited;

15 (4) an assessment of how to reduce the costs of

16 preparing the financial statements and performing

17 independent audits for Federal entities of the cat18 egories listed under paragraphs (1) and (2); and

19 (5) an assessment of the benefits of improved

20 financial oversight encompassing the executive

21 branch, including the Federal entities of the cat22 egories listed under paragraphs (1) and (2), and an

23 assessment of the feasibility of preparing annual fi24 nancial statements and independently audited state-
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1 ments for the Federal entities in the categories listed

2 under paragraphs (1) and (2).

3 SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

4 There are authorized to be appropriated such sums

5 as may be necessary to carry out this Act.

Passed the Senate October 11, 2004.

Attest:

Secretary.
108TH CONGRESS

2D SESSION S. 2688

AN ACT

To provide for a report of Federal entities without

annually audited financial statements.