[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4685 Engrossed in House (EH)]


  2d Session

                               H. R. 4685

_______________________________________________________________________

                                 AN ACT

 To amend title 31, United States Code, to expand the types of Federal 
  agencies that are required to prepare audited financial statements.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
107th CONGRESS
  2d Session
                                H. R. 4685

_______________________________________________________________________

                                 AN ACT


 
 To amend title 31, United States Code, to expand the types of Federal 
  agencies that are required to prepare audited financial statements.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Accountability of Tax Dollars Act of 
2002''.

SEC. 2. AMENDMENTS RELATING TO AUDITING REQUIREMENT FOR FEDERAL AGENCY 
              FINANCIAL STATEMENTS.

    (a) In General.--Section 3515 of title 31, United States Code, is 
amended--
            (1) in subsection (a)--
                    (A) by striking ``Not later'' and inserting ``(1) 
                Except as provided in subsection (e), not later'';
                    (B) by striking ``each executive agency identified 
                in section 901(b) of this title'' and inserting ``each 
                covered executive agency''; and
                    (C) by striking ``1997'' and inserting ``2003'';
            (2) in subsection (b) by striking ``an executive agency'' 
        and inserting ``a covered executive agency'';
            (3) in subsection (c) and (d) by striking ``executive 
        agencies'' each place it appears and inserting ``covered 
        executive agencies''; and
            (4) by adding at the end the following:
    ``(e)(1) The Director of the Office of Management and Budget may 
exempt a covered executive agency, except an agency described in 
section 901(b), from the requirements of this section with respect to a 
fiscal year if--
            ``(A) the total amount of budget authority available to the 
        agency for the fiscal year does not exceed $25,000,000; and
            ``(B) the Director determines that requiring an annual 
        audited financial statement for the agency with respect to the 
        fiscal year is not warranted due to the absence of risks 
        associated with the agency's operations, the agency's 
        demonstrated performance, or other factors that the Director 
        considers relevant.
    ``(2) The Director shall annually notify the Committee on 
Government Reform of the House of Representatives and the Committee on 
Governmental Affairs of the Senate of each agency the Director has 
exempted under this subsection and the reasons for each exemption.
    ``(f) The term `covered executive agency'--
            ``(1) means an executive agency that is not required by 
        another provision of Federal law to prepare and submit to the 
        Congress and the Director of the Office of Management and 
        Budget an audited financial statement for each fiscal year, 
        covering all accounts and associated activities of each office, 
        bureau, and activity of the agency; and
            ``(2) does not include a corporation, agency, or 
        instrumentality subject to chapter 91 of this title.''.
    (b) Waiver Authority.--
            (1) In general.--The Director of the Office of Management 
        and Budget may waive the application of all or part of section 
        3515(a) of title 31, United States Code, as amended by this 
        section, for financial statements required for the first 2 
        fiscal years beginning after the date of the enactment of this 
        Act for an agency described in paragraph (2) of this 
        subsection.
            (2) Agencies described.--An agency referred to in paragraph 
        (1) is any covered executive agency (as that term is defined by 
        section 3515(f) of title 31, United States Code, as amended by 
        subsection (a) of this section) that is not an executive agency 
        identified in section 901(b) of title 31, United States Code.

            Passed the House of Representatives October 7, 2002.

            Attest:

                                                                 Clerk.