[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2688 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                S. 2688

 To provide for a report of Federal entities without annually audited 
                         financial statements.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 19, 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 a report of Federal entities without annually 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 ``Executive Branch Financial 
Accountability Reporting Act of 2004''.

SEC. 2. DEFINITION.

    In this Act, 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.

SEC. 3. REPORT OF FEDERAL ENTITIES WITHOUT ANNUALLY AUDITED FINANCIAL 
              STATEMENTS.

    (a) Report.--
            (1) In general.--Not later than 60 days after the date of 
        enactment of this Act, the Director of the Office of Management 
        and Budget shall submit a report described under subsection (b) 
        to--
                    (A) the Committee on Governmental Affairs of the 
                Senate; and
                    (B) the Committee on Government Reform of the House 
                of Representatives.
    (b) Content.--The report under paragraph (1) shall include--
            (1) a list of each Federal entity that receives an 
        exemption or waiver from the requirement for an annually 
        audited financial statement under section 3515 of title 31, 
        United States Code, including the entity's budget authority and 
        outlays for the previous and current fiscal years, and the 
        projected budget authority for the upcoming fiscal year;
            (2) a list of any other Federal entities, including 
        temporary commissions, task forces, advisory boards, and other 
        special purpose entities, that do not annually prepare 
        financial statements and have such statements independently 
        audited, including the entities' budget authority and outlays 
        for the previous and current fiscal years, and the projected 
        budget authority for the upcoming fiscal year;
            (3) an assessment of the capability of the entities listed 
        under paragraphs (1) and (2) to prepare annual financial 
        statements and have such statements independently audited, 
        including the costs that would be incurred to do so;
            (4) an assessment of how to reduce the costs of preparing 
        the financial statements and performing independent audits by 
        grouping together smaller entities listed under paragraphs (1) 
        and (2), and other methods by which the preparation and 
        independent audits of financial statements could be made cost-
        effective for those entities; and
            (5) an assessment of the benefits of improved financial 
        oversight encompassing the entire executive branch, including 
        the entities listed under paragraphs (1) and (2), and 
        recommendations for a plan to implement a requirement that the 
        entire executive branch, including the entities listed under 
        paragraphs (1) and (2), prepare annual financial statements and 
        have such statements independently audited.

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out this Act.
                                 <all>