Inspector General Act Amendments of 2001

Inspector General Act Amendments of 2001 - Amends the Inspector General Act of 1978 to prohibit the receipt of any cash award or cash bonus by an Inspector General.

Provides for an external review of the Office of Inspector General (Office) for specified Federal agencies at least every three years by the General Accounting Office or a private entity.

Changes the semiannual Office activities report to an annual report. Revises required elements of such reports.

Sets forth new semiannual Office activities reporting requirements.

Changes the rate of pay of specified Inspectors General from Level IV to Level III of the Executive Schedule.

Requires the Comptroller General to: (1) develop criteria for determining whether the consolidation of Federal Inspector General offices would be cost-efficient and in the public interest; (2) study the offices using such criteria to determine whether any should be consolidated; and (3) report to Congress recommendations for legislative action based on the study.