Federal Accounting and Auditing Act

(Measure passed House, amended)

Federal Accounting and Auditing Act - Amends the Accounting and Auditing Act of 1950 to require that the Comptroller General be furnished any information he requests which relates to any Federal expenditure which is subject to a GAO audit, including those expenditures which heretofore were accounted for only on the certificate of the President. Amends the Budget and Accounting Act, 1921 to authorize the Comptroller General to bring an action in the United States District Court of the District of Columbia to compel the furnishing of such information. Authorizes the Comptroller General to subpena contractor's and subcontractor's records pertaining to negotiated contracts and records of other non-Federal persons or organizations to which the Comptroller General has a right of access by law or agreement.

Exempts from the terms of this Act any information concerning: (1) the expenditures of the Central Intelligency Agency; and (2) as determined by the President, financial transactions relating to foreign intelligence or counterintelligence activities. Provides that such exempted information shall be reviewable by the Permanent Select Committee on Intelligence of the House and the Select Committee on Intelligence of the Senate.

Directs that the Comptroller General and the Deputy Comptroller General shall be appointed by the President with the advice and consent of the Senate from a list of at least three names submitted by a commission of Congressional leadership representatives impaneled for the purpose of submitting such names.