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Calendar No. 757 

108TH CONGRESS 

2D SESSION S. 2688 

[Report No. 108–383] 

To provide for a report of Federal entities without annually audited financial 

statements. 

IN THE SENATE OF THE UNITED STATES 

JULY 19, 2004 

Mr. FITZGERALD (for himself and Mr. AKAKA) introduced the following bill; 

which was read twice and referred to the Committee on Governmental Affairs 

OCTOBER 4, 2004 

Reported by Ms. COLLINS, without amendment 

A BILL 

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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•S 2688 RS 

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 60 days after 

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

12 the Office of Management and Budget shall submit 

13 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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•S 2688 RS 

1 (2) a list of any other Federal entities, includ2 ing temporary commissions, task forces, advisory 

3 boards, and other special purpose entities, that do 

4 not annually prepare financial statements and have 

5 such statements independently audited, including the 

6 entities’ budget authority and outlays for the pre7 vious and current fiscal years, and the projected 

8 budget authority for the upcoming fiscal year; 

9 (3) an assessment of the capability of the enti10 ties listed under paragraphs (1) and (2) to prepare 

11 annual financial statements and have such state12 ments independently audited, including the costs 

13 that would be incurred to do so; 

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

15 preparing the financial statements and performing 

16 independent audits by grouping together smaller en17 tities listed under paragraphs (1) and (2), and other 

18 methods by which the preparation and independent 

19 audits of financial statements could be made cost-ef20 fective for those entities; and 

21 (5) an assessment of the benefits of improved 

22 financial oversight encompassing the entire executive 

23 branch, including the entities listed under para24 graphs (1) and (2), and recommendations for a plan 

25 to implement a requirement that the entire executive 
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•S 2688 RS 

1 branch, including the entities listed under para2 graphs (1) and (2), prepare annual financial state3 ments and have such statements independently au4 dited. 

5 SEC. 4. AUTHORIZATION OF APPROPRIATIONS. 

6 There are authorized to be appropriated such sums 

7 as may be necessary to carry out this Act. 

Calendar No. 757 

108TH CONGRESS 

2D SESSION S. 2688 

[Report No. 108–383] 

A BILL 

To provide for a report of Federal entities without 

annually audited financial statements. 

OCTOBER 4, 2004 

Reported without amendment