[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2688 Referred in House (RFH)]

  2d Session
                                S. 2688


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 16, 2004

             Referred to the Committee on Government Reform

_______________________________________________________________________

                                 AN ACT


 
 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 120 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 in existence at least 12 months, 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 and the costs that 
        would be incurred for Federal entities of the categories listed 
        under paragraphs (1) and (2) to prepare annual financial 
        statements and to have such statements independently audited;
            (4) an assessment of how to reduce the costs of preparing 
        the financial statements and performing independent audits for 
        Federal entities of the categories listed under paragraphs (1) 
        and (2); and
            (5) an assessment of the benefits of improved financial 
        oversight encompassing the executive branch, including the 
        Federal entities of the categories listed under paragraphs (1) 
        and (2), and an assessment of the feasibility of preparing 
        annual financial statements and independently audited 
        statements for the Federal entities in the categories listed 
        under paragraphs (1) and (2).

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

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

            Passed the Senate October 11, 2004.

            Attest:

                                             EMILY J. REYNOLDS,

                                                             Secretary.