[Congressional Record Volume 170, Number 168 (Thursday, November 14, 2024)]
[Senate]
[Pages S6587-S6588]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                FINANCIAL MANAGEMENT RISK REDUCTION ACT

  Mr. SCHUMER. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 519, S. 4716.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 4716) to amend section 7504 of title 31, United 
     States Code, to improve the single audit requirements.

  There being no objection, the Senate proceeded to consider the bill, 
which had been reported from the Committee on Homeland Security and 
Governmental Affairs with an amendment to strike all after the enacting 
clause and insert in lieu thereof the following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Financial Management Risk 
     Reduction Act''.

     SEC. 2. SINGLE AUDIT IMPROVEMENTS.

       Section 7504 of title 31, United States Code, is amended--
       (1) in subsection (a)--
       (A) in paragraph (1), by striking ``, and'' and inserting a 
     semicolon;
       (B) in paragraph (2), by striking the period at the end and 
     inserting a semicolon; and
       (C) by adding at the end the following:
       ``(3) participate in and furnish information for the review 
     under subsection (e); and
       ``(4) identify recipients that expend $300,000 or more in 
     Federal awards or such other amount specified by the Director 
     under section 7502(a)(3) during the recipient's fiscal year 
     but did not undergo an audit in accordance with this 
     chapter.'';
       (2) in subsection (c)--
       (A) in paragraph (1), by adding ``and'' at the end;
       (B) by striking paragraph (2); and
       (C) by redesignating paragraph (3) as paragraph (2); and
       (3) by adding at the end the following:
       ``(d) Not later than 2 years after the date of enactment of 
     this subsection, and every 2 years thereafter, the Director 
     shall submit to the Committee on Homeland Security and 
     Governmental Affairs of the Senate and the Committee on 
     Oversight and Accountability of the House of Representatives 
     a report listing the recipients identified under subsection 
     (a)(4).
       ``(e)(1) The Director shall designate 1 or more Federal 
     agencies to conduct a Government-wide analysis of single 
     audit quality, which may include a consideration of the 
     results of reviews of single audit quality by--
       ``(A) Federal agencies;
       ``(B) inspectors general of Federal agencies;
       ``(C) State auditors; and
       ``(D) external peer reviews conducted in accordance with 
     generally accepted government auditing standards.
       ``(2) Not later than 3 years after the date of enactment of 
     this subsection, and every 6 years thereafter, the Federal 
     agencies designated under paragraph (1) shall complete a 
     Government-wide analysis of single audit quality.
       ``(3) The Director shall submit to the Committee on 
     Homeland Security and Governmental Affairs of the Senate and 
     the Committee on Oversight and Accountability of the House of 
     Representatives and make publicly available a summary of the 
     results of each review under paragraph (2).
       ``(f) Not later than 2 years after the date of enactment of 
     this subsection--
       ``(1) the Administrator of General Services, in 
     coordination with the Director, the Council on Federal 
     Financial Assistance (or any successor thereto), and key 
     management single audit liaisons of Federal agencies 
     designated as described in section 200.513 of title 2, Code 
     of Federal Regulations (or any successor thereto), shall 
     develop analytic tools to use audit data in the Federal 
     clearinghouse to identify cross-Governmental risks to Federal 
     award funds; and
       ``(2) the Director, in coordination with the Administrator 
     of General Services, the Council on Federal Financial 
     Assistance (or any successor thereto), and key management 
     single audit liaisons of Federal agencies designated as 
     described in section 200.513 of title 2, Code of Federal 
     Regulations (or any successor thereto), shall develop a 
     strategy to use audit data in the Federal clearinghouse to 
     identify cross-Governmental risks to Federal award funds.
       ``(g) Not later than 4 years after the date of enactment of 
     this subsection, the Comptroller General of the United States 
     shall complete an evaluation of--
       ``(1) the effectiveness of the strategy and analytic tools 
     developed under subsection (f);
       ``(2) reporting burdens for auditors and audited entities 
     and the capacity of auditors and audited entities to fulfill 
     the requirements under this chapter; and
       ``(3) the responsiveness of Federal agencies to repeat 
     single audit findings and corrective action plans.''.

     SEC. 3. NO ADDITIONAL FUNDS.

       No additional funds are authorized to be appropriated to 
     carry out this Act or the amendments made by this Act.

  Mr. SCHUMER. I ask unanimous consent that the committee-reported 
amendment be agreed to; that the bill, as amended, be considered read a 
third time and passed; and that the motion to reconsider be considered 
made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The committee-reported amendment, in the nature of a substitute, was 
agreed to.
  The bill (S. 4716), as amended, was ordered to be engrossed for a 
third reading, was read the third time, and passed.

[[Page S6588]]

  

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