Federal Contractors Self-Governance Act

Summary

Federal Contractors' Self-Governance Act - Amends the Securities Exchange Act of 1934 to require any issuer of a security who receives revenues from a major long-term Government contract to: (1) maintain a system of internal accounting and administrative controls to assure that billing data reported to the Government is accurate, complete, and current; (2) include in its annual report to the Securities and Exchange Commission a statement on whether such a system was maintained and a report to be conducted by an independent public accountant on whether such system was sufficient; and (3) provide the Commission, the General Accounting Office, and any agency with which it has a contract access to records pertaining to the issuer's internal controls and the annual reports. Prescribes penalties for knowingly and willfully including false or misleading information in such annual reports. Amends the Property and Administrative Services Act of 1949 to prohibit advance payments to any issuer under any major or long-term Government contract if either the issuer or the independent public accountant reports that the issuer's system of internal accounting and administrative control does not assure the accuracy of data reported to the Government.

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1 official file

• Introduced in Senate

  summary · EN · 12 August 1986

  Open at official source

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