[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2644 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 2644

  To amend chapter 35 of title 31, United States Code, to expand the 
    types of Federal agencies that are required to prepare audited 
                         financial statements.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 19, 2002

Mr. Fitzgerald introduced the following bill; which was read twice and 
           referred to the Committee on Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend chapter 35 of 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 paragraph (2), not later'';
                    (B) by striking ``each executive agency identified 
                in section 901(b) of this title'' and inserting ``each 
                covered executive agency'';
                    (C) by striking ``1997'' and inserting ``2003''; 
                and
                    (D) by adding at the end the following:
    ``(2) A covered executive agency is not required to prepare an 
audited financial statement under this section for any fiscal year for 
which the total amount of budget authority available to the agency is 
less than $25,000,000.'';
            (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) 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(e) 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.
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