[Congressional Record Volume 148, Number 82 (Wednesday, June 19, 2002)]
[Senate]
[Page S5774]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. FITZGERALD:
  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; to the Committee on Governmental Affairs.
  Mr. FITZGERALD. Mr. President, I ask unanimous consent that the text 
of the bill be printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 2644

       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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