General Accounting Office Act of 1974

(LATEST SUMMARY)

General Accounting Office Act - =Title I: Statistical Sampling Procedures in Examination of Vouchers= - Provides that whenever the head of any department or agency of the Government or the Commissioner of the District of Columbia determines that economies will result therefrom, such agency head or the Commissioner may prescribe the use of adequate and effective statistical sampling procedures in the examination of disbursement vouchers.

=Title II: Audit of Transportation Payments= - Allows the payment for transportation of persons or property for or on behalf of the United States by any carrier or forwarder to be made upon presentation of bills therefore prior to audit by the General Services Administration or his designee, but the right is reserved to the United States Government to deduct the amount of any overcharge by any carrier or forwarder from any amount subsequently found to be due such carrier or forwarder. Transfers to the GSA such records and funds of the GAO as determined incident to the transfer of functions pursuant to this Act.

=Title III: Audit of Nonappropriated Fund Activities= - Provides that the operations and funds of nonappropriated funds and related activities within the executive branch, the systems of accounting and internal controls, and any internal or independent audits or reviews of such funds and activities, unless otherwise provided by law, shall be subject to review by the Comptroller General of the United States in accordance with such principles and procedures and under such rules and regulations as he may prescribe. Authorizes the Comptroller General to have access to such books, accounts, records, documents, reports, files, and other papers, things, or property relating to such funds and activities as he deems necessary.

Requires each executive agency to furnish promptly a copy of the annual report of any nonappropriated fund or related activity when required by the Comptroller General for such nonappropriated fund and related activities with a gross receipts from sales of more than $100,000 a year as he may designate by class, or, upon specific request of the Comptroller General in any other case, furnish promptly a copy of the annual report of any nonappropriated fund or related activity.

=Title IV: Employment of Experts and Consultants= - Authorizes the Comptroller General to employ experts and consultants at rates not in excess of the maximum daily rate for GS-18.

=Title V: General Accounting Office Building= - Entitles the Comptroller General to the use of such space in the General Accounting Office Building as he determines to be necessary, and the head of any Federal agency which exercises authority over such building shall provide the Comptroller General with such space within the building as the Comptroller General determines to be necessary.

=Title VI: Audits of Government Corporations= - Provides that each wholly owned Government corporation shall be audited at least once in every three years.

Requires that a report of each audit shall be made by the Comptroller General to the Congress not later than six and one-half months following the close of the last year covered by such audit.

=Title VII: Revision of Annual Audit Requirements= - Provides that, as of June 30 of each year, there shall be covered into the United States Treasury as miscellaneous receipts any surplus in the General Supply Fund, all assets, liabilities, and prior losses above the amounts transferred or appropriated to establish and maintain said fund.

Requires the Comptroller General to make audits of the General Supply Fund in accordance with the provisions of the Accounting and Auditing Act of 1950 and to make reports on the results thereof.

Makes technical and conforming amendments to specified Acts.

=Title VIII: Limitation of Time on Claims and Demands= - Reduces the statute of limitations on claims against the United States under the jurisdiction of the General Accounting Office from ten years to six years.