< Back to S. 2688 (108th Congress, 2003–2004)

Text of the Executive Branch Financial Accountability Reporting Act of 2004

This bill was introduced in a previous session of Congress and was passed by the Senate on October 11, 2004 but was never passed by the House. The text of the bill below is as of Nov 16, 2004 (Referred to House Committee).

Source: GPO

S 2688 RFH

108th CONGRESS

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.