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.
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.
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.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 519.
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Passed Senate with an amendment by Unanimous Consent. (consideration: CR S6587; text: CR S6587)
Message on Senate action sent to the House.
Received in the House.
Held at the desk.
Mr. Burlison moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H7211-7212)
DEBATE - The House proceeded with forty minutes of debate on S. 4716.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)
Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 118-207.
Became Public Law No: 118-207.
Enacted as Public Law 118-207
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