Title: GAO Audit Mandates Revision Act of 2018
Policy area: Congress

Summary:
GAO Audit Mandates Revision Act of 2018
This bill eliminates or modifies requirements for several Government Accountability Office audits, including audits related to the Congressional Award Foundation, the Patient-Centered Outcomes Research Institute, and the Troubled Asset Relief Program.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2400 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 2400

    To eliminate or modify certain audit mandates of the Government 
                         Accountability Office.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 7, 2018

 Mrs. McCaskill (for herself and Mr. Johnson) introduced the following 
 bill; which was read twice and referred to the Committee on Homeland 
                   Security and Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
    To eliminate or modify certain audit mandates of the Government 
                         Accountability Office.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``GAO Audit Mandates Revision Act of 
2018''.

SEC. 2. AUDITS MODIFIED.

    (a) Congressional Award Foundation.--Section 107 of the 
Congressional Award Act (2 U.S.C. 807) is amended--
            (1) in subsection (b), by striking ``and to the Comptroller 
        General of the United States''; and
            (2) by striking subsection (c).
    (b) Patient Centered Outcomes Research Institute.--Section 
1181(g)(2) of the Social Security Act (42 U.S.C. 1320e(g)(2)) is 
amended--
            (1) in the paragraph heading, by striking ``annual'';
            (2) in subparagraph (A)--
                    (A) by striking clause (i); and
                    (B) by redesignating clauses (ii) through (v) as 
                clauses (i) through (iv), respectively; and
            (3) by amending subparagraph (B) to read as follows:
                    ``(II) Reports.--Not later than April 1 of each 
                year in which a review is conducted under subparagraph 
                (A), the Comptroller General of the United States shall 
                submit to Congress a report containing the results of 
                the review, together with recommendations for such 
                legislation and administrative action as the 
                Comptroller General determines appropriate.''.
    (c) Troubled Asset Relief Program.--
            (1) In general.--Section 116 of the Emergency Economic 
        Stabilization Act of 2008 (12 U.S.C. 5226) is amended by 
        striking subsection (b) and inserting the following:
    ``(b) Audits.--
            ``(1) Annual audit.--The TARP shall annually prepare and 
        issue to the appropriate committees of Congress and the public 
        audited financial statements that shall be--
                    ``(A) prepared in accordance with generally 
                accepted accounting principles;
                    ``(B) prepared and audited in the same manner as 
                the financial statements of covered executive agency 
                components under sections 3515 and 3521 of title 31, 
                United States Code; and
                    ``(C) prepared on the fiscal year basis prescribed 
                under section 1102 of title 31, United States Code.
            ``(2) Audit costs.--
                    ``(A) In general.--The Secretary shall transfer to 
                the Inspector General of the Department of the Treasury 
                such sums as are necessary to reimburse the Inspector 
                General for the full cost of performing an audit 
                required under paragraph (1) or procuring the audit 
                from an independent external auditor.
                    ``(B) Credit.--The reimbursements described in 
                subparagraph (A) shall be credited to the appropriation 
                account `Salaries and expenses, Office of the Inspector 
                General, Department of the Treasury' current when the 
                payment is received and remain available until 
                expended.
            ``(3) Corrective responses to audit problems.--The TARP 
        shall--
                    ``(A) take action to address deficiencies 
                identified by the auditor of the TARP financial 
                statements; or
                    ``(B) certify to the appropriate committees of 
                Congress that no action is necessary or appropriate.''.
            (2) Application.--The amendment made by paragraph (1) shall 
        apply to any audit performed under section 116(b) of the 
        Emergency Economic Stabilization Act of 2008 (12 U.S.C. 
        5226(b)), as amended by paragraph (1), with respect to a fiscal 
        year beginning on or after October 1, 2018.
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