As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on July 31, 2024
By Fiscal Year, Millions of Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
0
*
*
Revenues
0
0
0
Increase or Decrease (-) in the Deficit
0
*
*
Spending Subject to Appropriation (Outlays)
0
30
not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
No
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
No
Contains intergovernmental mandate?
No
Contains private-sector mandate?
No
* = between zero and $500,000.
Summary
S. 4716 would amend the requirements for federal and nonfederal entities with respect to single audits. In general, current law requires that any nonfederal entity that spends more than a specified amount in federal grants, loans, or contracts within a fiscal year submit to an independent audit, called a single audit, and report the results to the Federal Audit Clearinghouse (FAC). Specifically, the bill would:
Require the Office of Management and Budget (OMB) to designate at least one federal agency to conduct a governmentwide quality analysis of single audits,
Require the General Services Administration (GSA) to develop analytical tools to identify risks related to the use of federal award funds, and
Impose additional reporting requirements on federal agencies.
The bill also would require the Government Accountability Office to report, within four years of enactment, on single audits and GSA’s analytical tools.
