[Public Papers of the Presidents of the United States: William J. Clinton (1996, Book II)] [July 5, 1996] [Page 1079] [From the U.S. Government Publishing Office www.gpo.gov]Statement on Signing the Single Audit Act Amendments of 1996 July 5, 1996 Today I have signed into law S. 1579, the ``Single Audit Act Amendments of 1996.'' This Act will help make Government work better by reducing the burden and cost of Federal audit requirements on State and local governments and nonprofit organizations. The Single Audit Act of 1984 replaced multiple grant-by-grant audits with a single annual or biennial audit process for State and local governments that receive Federal assistance. S. 1579 builds on and improves upon the 1984 Act in several ways. First, it will help save millions of dollars by reducing the need for costly audits without reducing essential Federal oversight. The threshold that triggers an audit requirement will be raised from $25,000 to $300,000. This preserves audit coverage for 95 percent of Federal assistance. Second, the bill will reduce the audit burden for well-managed entities. Nonprofits and State and local governments that have put into operation management controls that assure the proper use of Federal assistance will be subject to less burdensome audit requirements. Third, S. 1579 will improve the oversight of Federal assistance programs, totaling over $250 billion annually, by focusing on the programs presenting the greatest financial risks to Government. Placing greater emphasis on program risks will ensure that Federal assistance is being used properly, while also ensuring the most effective use of Federal audit resources. My Administration was actively involved in the development of this legislation, and strongly supported its passage. I am pleased to sign this important legislation. William J. Clinton The White House, July 5, 1996. Note: S. 1579, approved July 5, was assigned Public Law No. 104-156.