Executive Branch Financial Accountability Reporting Act of 2004

Bill: 108-s-2688
Sponsor: Sen. Fitzgerald, Peter [R-IL]
Introduced: 2004-07-19 in the Senate
Policy area: Government Operations and Politics
Subjects: Auditing
Congress
Congressional reporting requirements
Cost control
Cost effectiveness
Economics and Public Finance
Federal advisory bodies
Financial statements

Summary:
action_date: 2004-07-19
text: 
Executive Branch Financial Accountability Reporting Act of 2004 - Instructs the Director of the Office of Management and Budget (OMB) to list for certain congressional committees: (1) each Federal entity that receives an exemption or waiver from the statutory requirement for an annually audited financial statement; and (2) other Federal entities, including special purpose entities, that do not prepare independently audited annual financial statements.
 
Requires the OMB report to include assessments of: (1) the capability of the listed entities to prepare annual financial statements and have them independently audited; (2) how to reduce the costs of preparing the financial statements and performing independent audits by grouping together smaller entities and other methods by which the preparation and independent audits of financial statements could be made cost-effective; and (3) the benefits of improved financial oversight encompassing the entire executive branch, including recommendations for a plan to implement a requirement that the entire executive branch prepare annual independently audited financial statements.

action_date: 2004-10-04
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Executive Branch Financial Accountability Reporting Act of 2004 - Instructs the Director of the Office of Management and Budget (OMB) to list for certain congressional committees: (1) each Federal entity that receives an exemption or waiver from the statutory requirement for an annually audited financial statement; and (2) other Federal entities, including special purpose entities, that do not prepare independently audited annual financial statements.
 
Requires the OMB report to include assessments of: (1) the capability of the listed entities to prepare annual financial statements and have them independently audited; (2) how to reduce the costs of preparing the financial statements and performing independent audits by grouping together smaller entities and other methods by which the preparation and independent audits of financial statements could be made cost-effective; and (3) the benefits of improved financial oversight encompassing the entire executive branch, including recommendations for a plan to implement a requirement that the entire executive branch prepare annual independently audited financial statements.

action_date: 2004-10-11
text: 
Executive Branch Financial Accountability Reporting Act of 2004 - Instructs the Director of the Office of Management and Budget (OMB) to list for certain congressional committees: (1) each Federal entity that receives an exemption or waiver from the statutory requirement for an annually audited financial statement; and (2) other Federal entities, including special purpose entities, that do not prepare independently audited annual financial statements.
 
Requires the OMB report to include assessments of: (1) the capability of the listed entities to prepare annual financial statements and have them independently audited; (2) how to reduce the costs of preparing the financial statements and performing independent audits; and (3) the benefits of improved financial oversight encompassing the executive branch, including the feasibility of preparing annual financial statements and independently audited statements for certain executive branch entities. 
 
Authorizes appropriations.


Legislative actions:
action_date: 2004-11-16
text: Referred to the House Committee on Government Reform.
action_date: 2004-11-16
text: Message on Senate action sent to the House.
action_date: 2004-11-16
text: Received in the House.
action_date: 2004-10-11
text: Passed Senate with an amendment by Unanimous Consent.
action_date: 2004-10-11
text: Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
action_date: 2004-10-11
text: Measure laid before Senate by unanimous consent. (consideration: CR S11327)
action_date: 2004-10-04
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 757.
action_date: 2004-10-04
text: Committee on Governmental Affairs. Reported by Senator Collins without amendment. With written report No. 108-383.
action_date: 2004-10-04
text: Committee on Governmental Affairs. Reported by Senator Collins without amendment. With written report No. 108-383.
action_date: 2004-07-22
text: Sponsor introductory remarks on measure. (CR S8747)
action_date: 2004-07-21
text: Committee on Governmental Affairs. Ordered to be reported without amendment favorably.
action_date: 2004-07-19
text: Read twice and referred to the Committee on Governmental Affairs.
action_date: 2004-07-19
text: Introduced in Senate