[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2680 Introduced in Senate (IS)]

  2d Session
                                S. 2680

  To provide for certain financial reporting requirements to apply to 
    certain small executive branch agencies, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 16, 2004

  Mr. Fitzgerald (for himself and Mr. Akaka) introduced the following 
      bill; which was read twice and referred to the Committee on 
                          Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
  To provide for certain financial reporting requirements to apply to 
    certain small executive branch agencies, and for other purposes.

    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 ``Financial Accountability Expansion 
Act of 2004''.

SEC. 2. FINANCIAL STATEMENT REQUIREMENT FOR CERTAIN SMALL AGENCIES.

    (a) In General.--Section 3515 of title 31, United States Code, is 
amended--
            (1) in subsection (a), by striking ``(1)''; and
            (2) by striking subsection (e) and inserting the following:
    ``(e) The Director of the Office of Management and Budget shall 
determine which covered executive agencies have size or budgetary 
limitations that do not support the internal preparation of a financial 
statement required under this section. The Director of the Office of 
Management and Budget shall inform the Secretary of the Treasury of 
such determination, and for such agencies, the Secretary of the 
Treasury shall prepare the financial statement, or enter into a 
contract for the preparation of such statement, and shall enter into a 
contract with 1 or more independent auditors to audit the financial 
statement required under this section. All requirements of this section 
shall apply with respect to audited financial statements prepared under 
this subsection.''.
    (b) Technical and Conforming Amendment.--Section 2 of the 
Accountability of Tax Dollars Act of 2002 (31 U.S.C. 3515 note; Public 
Law 107-289) is amended by striking subsection (b).

SEC. 3. CERTAIN FEDERAL ENTITIES WITHOUT ANNUAL AUDITED FINANCIAL 
              STATEMENT REQUIREMENTS.

    (a) Definition.--In this section, the term ``Federal entity'' means 
any entity established in the executive branch, including such an 
entity that administers a special purpose program or any other entity 
established by presidential or departmental directive that is not 
required to prepare an annual audited financial statement.
    (b) Annually Audited Financial Statements.--The Office of 
Management and Budget shall require each Federal entity that is not 
statutorily required to prepare an annual financial statement and have 
the statement independently audited, to submit an annually audited 
financial statement prepared in accordance with United States generally 
accepted auditing principles to the Office of Management and Budget.
    (c) Report.--
            (1) In general.--Not later than 90 days after the date of 
        enactment of this Act, the Director of the Office of Management 
        and Budget shall submit a report described under paragraph (2) 
        to the--
                    (A) Committee on Governmental Affairs of the 
                Senate; and
                    (B) Committee on Government Reform of the House of 
                Representatives.
            (2) Content.--The report under paragraph (1) shall 
        include--
                    (A) a list of each Federal entity as defined under 
                subsection (a); and
                    (B) actions taken by the Office of Management and 
                Budget to implement subsection (b).

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out this Act in fiscal year 2005, and each fiscal 
year thereafter.
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