PoliticalRepoPoliticalRepo

United States · Law · S

S. 4716 (118th)

Financial Management Risk Reduction Act

enactedUnited States· United States Congress· EN

Introduced

11 July 2024

Last action

—

Status

Became Public Law No: 118-207.

Sponsors

—

Subjects

Discovery layer

Source updated

5 December 2025

Official sourceDownload fileView documentsShare

Summary

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. 

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

12 official files

Enrolled Bill (text)

View fileDownload file

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.