[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4685 Enrolled Bill (ENR)]

        H.R.4685

                      One Hundred Seventh Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

         Begun and held at the City of Washington on Wednesday,
          the twenty-third day of January, two thousand and two


                                 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 subsections (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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.