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






                                                       Calendar No. 733
107th CONGRESS
  2d Session
                                S. 2644


_______________________________________________________________________


                   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

                            October 16, 2002

              Reported by Mr. Lieberman, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 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,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Accountability of Tax 
Dollars Act of 2002''.</DELETED>

<DELETED>SEC. 2. AMENDMENTS RELATING TO AUDITING REQUIREMENT FOR 
              FEDERAL AGENCY FINANCIAL STATEMENTS.</DELETED>

<DELETED>    (a) In General.--Section 3515 of title 31, United States 
Code, is amended--</DELETED>
        <DELETED>    (1) in subsection (a)--</DELETED>
                <DELETED>    (A) by striking ``Not later'' and 
                inserting ``(1) Except as provided in paragraph (2), 
                not later'';</DELETED>
                <DELETED>    (B) by striking ``each executive agency 
                identified in section 901(b) of this title'' and 
                inserting ``each covered executive agency'';</DELETED>
                <DELETED>    (C) by striking ``1997'' and inserting 
                ``2003''; and</DELETED>
                <DELETED>    (D) by adding at the end the 
                following:</DELETED>
<DELETED>    ``(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.'';</DELETED>
        <DELETED>    (2) in subsection (b) by striking ``an executive 
        agency'' and inserting ``a covered executive 
        agency'';</DELETED>
        <DELETED>    (3) in subsection (c) and (d) by striking 
        ``executive agencies'' each place it appears and inserting 
        ``covered executive agencies''; and</DELETED>
        <DELETED>    (4) by adding at the end the following:</DELETED>
<DELETED>    ``(e) The term `covered executive agency'--</DELETED>
        <DELETED>    ``(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</DELETED>
        <DELETED>    ``(2) does not include a corporation, agency, or 
        instrumentality subject to chapter 91 of this 
        title.''.</DELETED>
<DELETED>    (b) Waiver Authority.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>

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 
        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 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.




                                                       Calendar No. 733

107th CONGRESS

  2d Session

                                S. 2644

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                            October 16, 2002

                       Reported with an amendment