Single Audit Act of 1984

(Senate agreed to House amendment with an amendment) Single Audit Act of 1984 - Amends title 31 of the United States Code to add a new chapter 75 - Requirements for Single Audits. Establishes single financial audit requirements for State and local governments that receive $100,000 or more in Federal assistance in any fiscal year. Establishes single financial audit requirements for State and local governments that receive in excess of $25,000 but less than $100,000 in Federal assistance in any fiscal year. Declares that an audit conducted in accordance with this Act shall be in lieu of any financial or financial and compliance audit of an individual Federal assistance program which a State or local government is required to conduct under any other Federal law or regulation. Requires a Federal agency to conduct any additional audits necessary to carry out its responsibilities under Federal law or regulation. Requires the Director of the Office of Management and Budget to prescribe regulations to implement this Act. Requires the Comptroller General to review provisions requiring financial or financial and compliance audits of recipients of Federal assistance that are contained in bills and resolutions reported by the congressional committees. Declares that the provisions of this Act shall apply to any State or local government with respect to any of its fiscal years which begin after December 31, 1984. Requires the Director of the Office of Management and Budget, on or before May 1, 1987, and annually thereafter, to submit to Congress a report on operations of such audits. Requires such report to identify each State or local government which is failing to comply.

(Measure passed House, amended, in lieu of H.R. 4821) Single Audit Act of 1984 - Amends title 31 of the United States Code to add a new chapter 75 - Requirements for Single Audits. Establishes single financial audit requirements for State and local governments that receive $100,000 or more in Federal assistance in any fiscal year. Declares that a financial and compliance audit conducted in accordance with this Act shall be in lieu of any other financial and compliance audit which a State or local government is required to conduct under any other Federal law or regulation. Requires a Federal agency to conduct any additional audits necessary to carry out its responsibilities under Federal law or regulation. Requires the Director of the Office of Management and Budget to prescribe regulations to implement this Act. Declares that the provisions of this Act shall apply to any State or local government with respect to any of its fiscal years which begin after June 30, 1984. Requires the Director of the Office of Management and Budget, on or before May 1, 1986, and annually thereafter, to submit to Congress a report on operations of such audits. Requires such report to identify each State or local government which is failing to comply.

(Measure passed Senate, amended) Uniform Single Audit Act of 1983 - Amends title 31 of the United States Code to add a new chapter 75-Requirements for Single Financial Audits. Establishes uniform single financial audit requirements for State and local governments that receive Federal assistance. Directs the President to prescribe policies, procedures, and regulations to implement this chapter. Permits the President to delegate the authority to prescribe policies and procedures to the Director of the Office of Management and Budget (OMB) and the responsibility to prescribe regulations to the appropriate executive agencies. Requires the Director of OMB and the appropriate executive agencies to consult with the Comptroller General of the United States in the preparation of such policies, procedures, and regulations. Requires the Director within one year to establish a plan of action to assure that single financial audits are conducted within three years from the enactment of this Act, and thereafter. Requires any entity receiving at least $25,000 in Federal assistance for a fiscal year to conduct at least biennially a single financial audit covering all of its funds. Requires such audits to be conducted by independent auditors in accordance with accepted Government auditing standards. Declares that the total amounts of Federal, State, local, and other assistance, respectively, received from all sources by the entity shall be used in a single financial audit for testing compliance with the financial requirements of such assistance programs. Requires the materiality level selected in the audit for testing to be based on the professional judgment of the independent auditor, except in the case of an individual grant, program, or project that exceeds $30,000,000 (or does not exceed $30,000,000 but does exceed $500,000 or three percent of the entity's total Federal expenditures,) in which case the auditor must apply tests in accordance with this Act. Requires the Comptroller General, for every five year period, to report to specified congressional committees as to whether such thresholds should be increased. Requires each entity receiving Federal assistance and subsequently making a portion of it available to another entity to ascertain whether a single financial audit has been conducted of the recipient. Permits the use of Federal assistance to pay for such audits. Permits the Director of OMB to arrange an audit of any entity that has failed to comply with the requirements of this Act. States that small business concerns and business concerns owned and controlled by socially and economically disadvantaged individuals shall have the maximum practicable opportunity to participate in the performance of audits under this Act. Declares that single financial audits conducted in accordance with this Act shall fulfill any other financial audit requirement imposed by the Federal government. Requires the Comptroller General to monitor all reported bills of the House and the Senate and review any audit provisions.

(Reported to Senate from the Committee on Governmental Affairs with amendment (without written report)) Uniform Single Financial Audit Act of 1983 - Amends title 31 of the United States Code to add a new chapter 75-Requirements for Single Financial Audits. Establishes uniform single financial audit requirements for State and local governments and nonprofit organizations that receive Federal assistance. Directs the President to prescribe policies, procedures, and regulations to implement this chapter. Permits the President to delegate the authority to prescribe policies and procedures to the Director of the Office of Management and Budget (OMB) and the responsibility to prescribe regulations to the appropriate agencies and departments. Requires the Director of OMB and the appropriate Federal agencies and departments to consult with the Comptroller General of the United States in the preparation of such policies, procedures, and regulations. Requires the Director within one year to establish a plan of action to assure that single financial audits are conducted within three years from the enactment of this Act, and thereafter. Requires any entity receiving at least $25,000 in Federal assistance for a fiscal year to conduct at least biennially a single financial audit covering all of its funds. Requires such audits to be conducted by independent auditors in accordance with accepted Government auditing standards. Declares that the total amounts of Federal, State, local, and other assistance, respectively, received from all sources by the entity shall be used in a single financial audit for testing compliance with the financial requirements of such assistance programs. Requires the materiality level selected in the audit for testing to be based on the professional judgment of the independent auditor, except in the case of an individual grant, program, or project of at least $500,000 (or three percent of the entities' total Federal expenditures), in which case the auditor must apply tests in accordance with this Act. Requires the Comptroller General, for every five year period, to report to specified Congressional committees as the whether such thresholds should be increased. Requires each entity receiving Federal assistance and subsequently making a portion of it available to another entity to ascertain whether a single financial audit has been conducted of the recipient. Permits the use of Federal assistance to pay for such audits. Permits the Director to arrange an audit of any entity that has failed to comply with the requirements of this Act. States that small business concerns and business concerns owned and controlled by socially and economically disadvantaged individuals shall have the maximum practicable opportunity to participate in the performance of audits under this Act. Declares that single financial audits conducted in accordance with this Act shall fulfill any other financial audit requirement imposed by the Federal government. Sets forth procedures to insure that any bill or resolution reported by a congressional committee which specifies requirements for financial audits of Federal assistance recipients will be consistent with this Act. Requires the Comptroller General to monitor all reported bills of the House and the Senate and review any audit provisions.

Uniform Single Financial Audit Act of 1983 - Amends title 31 of the United States Code to add a new chapter 75-Requirements for Single Financial Audits. Establishes uniform single financial audit requirements for State and local governments and nonprofit organizations that receive Federal assistance. Authorizes the President to prescribe policies, procedures, and regulations to implement this chapter. Permits the President to delegate the authority to prescribe policies and procedures to the Director of the Office of Management and Budget (OMB) and the responsibility to prescribe regulations to the appropriate agencies and departments. Requires the Director of OMB and the appropriate Federal agencies and departments to consult with the Comptroller General of the United States in the preparation of such policies, procedures, and regulations. Requires the Director within one year to establish a plan of action to assure that single financial audits are conducted within three years from the enactment of this Act, and thereafter. Requires any entity receiving at least $25,000 in Federal assistance for a fiscal year to conduct at least biennially a single financial audit covering all of its funds. Requires such audits to be conducted by independent auditors in accordance with accepted Government auditing standards. Sets forth the subject matter of such an audit. Requires each entity receiving Federal assistance and subsequently making a portion of it available to another entity to ascertain whether a single financial audit has been conducted of the recipient. Permits the use of Federal assistance to pay for such audits. Permits the Director to arrange an audit of any entity that has failed to comply with the requirements of this Act. States that small business concerns and business concerns owned and controlled by socially and economically disadvantaged individuals shall have the maximum practicable opportunity to participate in the performance of audits under this Act. Declares that single financial audits conducted in accordance with this Act shall fulfill any other financial audit requirement imposed by the Federal government. Sets forth procedures to insure that any bill or resolution reported by a congressional committee which specifies requirements for financial audits of Federal assistance recipients will be consistent with this Act. Requires the Comptroller General to monitor all reported bills of the House and the Senate and review any audit provisions.