Financial Management Risk Reduction Act

Bill: 118-s-4716
Sponsor: Sen. Peters, Gary C. [D-MI]
Introduced: 2024-07-11 in the Senate
Policy area: Government Operations and Politics
Subjects: Accounting and auditing
Congressional oversight
Government information and archives

Summary:
action_date: 2024-11-14
text: 

Financial Management Risk Reduction Act

This bill increases federal oversight of single audits submitted by certain recipients of federal awards (i.e., federal financial assistance, including grants, and federal cost reimbursement contracts). A 
single audit 
is conducted by an independent auditor and includes the financial statements and federal awards of a non-federal entity. 

Specifically, the bill requires the Office of Management and Budget (OMB) to designate one or more federal agencies to conduct a government-wide analysis of single audit quality. Such government-wide analysis must be completed within three years of the bill's enactment and every six years thereafter.

OMB must develop a strategy, and the General Services Administration (GSA) must develop analytic tools, to identify risks to federal award funds using Federal Audit Clearinghouse data.

Within four years of the bill's enactment, the Government Accountability Office must evaluate several related topics, including (1) the effectiveness of such strategy and analytic tools, and (2) reporting burdens for auditors and audited entities. 

action_date: 2024-12-23
text: 

Financial Management Risk Reduction Act

This act increases federal oversight of single audits submitted by certain recipients of federal awards (i.e., federal financial assistance, including grants, and federal cost reimbursement contracts). A 
single audit 
is conducted by an independent auditor and includes the financial statements and federal awards of a non-federal entity. 

Specifically, the act requires the Office of Management and Budget (OMB) to designate one or more federal agencies to conduct a government-wide analysis of single audit quality. Such government-wide analysis must be completed within three years of enactment and every six years thereafter.

OMB must develop a strategy, and the General Services Administration must develop analytic tools, to identify risks to federal award funds using Federal Audit Clearinghouse data.

Within four years of enactment, the Government Accountability Office must evaluate several related topics, including (1) the effectiveness of such strategy and analytic tools, and (2) reporting burdens for auditors and audited entities. 


Legislative actions:
action_date: 2024-12-23
text: Became Public Law No: 118-207.
action_date: 2024-12-23
text: Became Public Law No: 118-207.
action_date: 2024-12-23
text: Signed by President.
action_date: 2024-12-23
text: Signed by President.
action_date: 2024-12-23
text: Presented to President.
action_date: 2024-12-23
text: Presented to President.
action_date: 2024-12-16
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2024-12-16
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)
action_date: 2024-12-16
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)
action_date: 2024-12-16
text: DEBATE - The House proceeded with forty minutes of debate on S. 4716.
action_date: 2024-12-16
text: Considered under suspension of the rules. (consideration: CR H7211-7212)
action_date: 2024-12-16
text: Mr. Burlison moved to suspend the rules and pass the bill.
action_date: 2024-11-15
text: Held at the desk.
action_date: 2024-11-15
text: Received in the House.
action_date: 2024-11-14
text: Message on Senate action sent to the House.
action_date: 2024-11-14
text: Passed Senate with an amendment by Unanimous Consent. (consideration: CR S6587; text: CR S6587)
action_date: 2024-11-14
text: Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
action_date: 2024-09-19
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 519.
action_date: 2024-09-19
text: Committee on Homeland Security and Governmental Affairs. Reported by Senator Peters with an amendment in the nature of a substitute. With written report No. 118-226.
action_date: 2024-09-19
text: Committee on Homeland Security and Governmental Affairs. Reported by Senator Peters with an amendment in the nature of a substitute. With written report No. 118-226.
action_date: 2024-07-31
text: Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
action_date: 2024-07-11
text: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
action_date: 2024-07-11
text: Introduced in Senate

Enacted as: number: 118-207