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118-s-4716118th Congress

Financial Management Risk Reduction Act

Sponsored By: Senator Peters, Gary C. [D-MI]

Became Law

Summary

This law expands and strengthens single audit requirements for recipients of Federal awards and builds government-wide reviews and analytic tools to find risks in how grant money is audited and used.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 1 costs, 1 mixed.

New tools to spot grant risks

The General Services Administration and OMB build analytic tools that use federal audit clearinghouse data to find cross‑government risks to award funds. OMB also sets a matching strategy. Both are due within 2 years of enactment. The Government Accountability Office reviews this within 4 years. GAO checks how well the tools and strategy work, the reporting burdens on auditors and audited entities, and how agencies respond to repeat findings. GAO reports results to Congress.

Stronger audit checks on grant recipients

The Office of Management and Budget (OMB) strengthens oversight of audits for federal awards. OMB identifies any recipient that spends $300,000 or more in a year and did not get the required single audit. OMB can adjust the $300,000 threshold under existing law. OMB reports the list to Congress within 2 years of enactment and every 2 years after. OMB also assigns one or more agencies to review audit quality across the government. Each review finishes within 3 years, then repeats every 6 years. OMB publishes a summary of the results. Recipients subject to these audits must take part and provide information.

No new funds for these changes

The law does not authorize new money for these requirements. Agencies must use current budgets to do the new reports, reviews, and tools. This may limit how fast or how much agencies can act.

Sponsors & CoSponsors

Sponsor

Peters, Gary C. [D-MI]

MI • D

Cosponsors

  • Sen. Johnson, Ron [R-WI]

    WI • R

    Sponsored 7/11/2024

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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