Finance and banking
1 evidence matches
Impact 81% Confidence 75%
Financial Management Risk Reduction Act Became Public Law No: 118-207. Government Operations and Politics
S 4716 - 118Financial Management Risk Reduction Act
Became Public Law No: 118-207.
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Summary
49 Public Law May 9, 2025
Financial Management Risk Reduction Act This act increases federal oversight of single audits submitted by certain recipients of federal awards (i.e., federal financial assistance, including grants, and federal cost reimbursement contracts). A single audit is conducted by an independent auditor and includes the financial statements and federal awards of a non-federal entity. Specifically, the act requires the Office of Management and Budget (OMB) to designate one or more federal agencies to conduct a government-wide analysis of single audit quality. Such government-wide analysis must be completed within three years of enactment and every six years thereafter. OMB must develop a strategy, and the General Services Administration must develop analytic tools, to identify risks to federal award funds using Federal Audit Clearinghouse data. Within four years of enactment, the Government Accountability Office must evaluate several related topics, including (1) the effectiveness of such strategy and analytic tools, and (2) reporting burdens for auditors and audited entities.
55 Passed Senate Dec 18, 2024
Financial Management Risk Reduction Act This bill increases federal oversight of single audits submitted by certain recipients of federal awards (i.e., federal financial assistance, including grants, and federal cost reimbursement contracts). A single audit is conducted by an independent auditor and includes the financial statements and federal awards of a non-federal entity. Specifically, the bill requires the Office of Management and Budget (OMB) to designate one or more federal agencies to conduct a government-wide analysis of single audit quality. Such government-wide analysis must be completed within three years of the bill's enactment and every six years thereafter. OMB must develop a strategy, and the General Services Administration (GSA) must develop analytic tools, to identify risks to federal award funds using Federal Audit Clearinghouse data. Within four years of the bill's enactment, the Government Accountability Office must evaluate several related topics, including (1) the effectiveness of such strategy and analytic tools, and (2) reporting burdens for auditors and audited entities.
Sponsors
![Sen. Peters, Gary C. [D-MI]](https://www.congress.gov/img/member/p000595_200.jpg)
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Timeline
Dec 23, 2024
Presented to President.
Dec 23, 2024
Presented to President.
Dec 23, 2024
Signed by President.
Dec 23, 2024
Signed by President.
Dec 23, 2024
Became Public Law No: 118-207.
Dec 23, 2024
Became Public Law No: 118-207.
Dec 16, 2024
Mr. Burlison moved to suspend the rules and pass the bill.
Dec 16, 2024
Considered under suspension of the rules. (consideration: CR H7211-7212)
Dec 16, 2024
DEBATE - The House proceeded with forty minutes of debate on S. 4716.
Dec 16, 2024
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)
Dec 16, 2024
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7211)
Dec 16, 2024
Motion to reconsider laid on the table Agreed to without objection.
Nov 15, 2024
Received in the House.
Nov 15, 2024
Held at the desk.
Nov 14, 2024
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Nov 14, 2024
Passed Senate with an amendment by Unanimous Consent. (consideration: CR S6587; text: CR S6587)
Nov 14, 2024
Message on Senate action sent to the House.
Sep 19, 2024
Committee on Homeland Security and Governmental Affairs. Reported by Senator Peters with an amendment in the nature of a substitute. With written report No. 118-226.
Sep 19, 2024
Committee on Homeland Security and Governmental Affairs. Reported by Senator Peters with an amendment in the nature of a substitute. With written report No. 118-226.
Sep 19, 2024
Placed on Senate Legislative Calendar under General Orders. Calendar No. 519.
Jul 31, 2024
Committee on Homeland Security and Governmental Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Jul 11, 2024
Introduced in Senate
Jul 11, 2024
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
House Votes
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Amendments
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