Pub.L. 107-290 To amend the District of Columbia Retirement Protection Act of 1997 to ...

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Public Law 107-289
107th Congress

                                 An Act


 
 To amend title 31, United States Code, to expand the types of Federal 
        agencies that are required to prepare audited financial 
           statements. <<NOTE: Nov. 7, 2002 -  [H.R. 4685]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress <<NOTE: Accountability of Tax 
Dollars Act of 2002.>> assembled,

SECTION 1. <<NOTE: 31 USC 3501 note.>> SHORT TITLE.

    This Act may be cited as the ``Accountability of Tax Dollars Act of 
2002''.

SEC. 2. AMENDMENTS RELATING TO AUDITING REQUIREMENT FOR FEDERAL AGENCY 
            FINANCIAL STATEMENTS.

    (a) In General.--Section 3515 of title 31, United States Code, is 
amended--
            (1) in subsection (a)--
                    (A) by striking ``Not later'' and inserting ``(1) 
                Except as provided in subsection (e), not later'';
                    (B) by striking ``each executive agency identified 
                in section 901(b) of this title'' and inserting ``each 
                covered executive agency''; and
                    (C) by striking ``1997'' and inserting ``2003'';
            (2) in subsection (b) by striking ``an executive agency'' 
        and inserting ``a covered executive agency'';
            (3) in subsections (c) and (d) by striking ``executive 
        agencies'' each place it appears and inserting ``covered 
        executive agencies''; and
            (4) by adding at the end the following:

    ``(e)(1) The Director of the Office of Management and Budget may 
exempt a covered executive agency, except an agency described in section 
901(b), from the requirements of this section with respect to a fiscal 
year if--
            ``(A) the total amount of budget authority available to the 
        agency for the fiscal year does not exceed $25,000,000; and
            ``(B) the Director determines that requiring an annual 
        audited financial statement for the agency with respect to the 
        fiscal year is not warranted due to the absence of risks 
        associated with the agency's operations, the agency's 
        demonstrated performance, or other factors that the Director 
        considers relevant.

    ``(2) <<NOTE: Notification.>> The Director shall annually notify the 
Committee on Government Reform of the House of Representatives and the 
Committee on Governmental Affairs of the Senate of each agency the 
Director has exempted under this subsection and the reasons for each 
exemption.

    ``(f) The term `covered executive agency'--

[[Page 116 STAT. 2050]]

            ``(1) means an executive agency that is not required by 
        another provision of Federal law to prepare and submit to the 
        Congress and the Director of the Office of Management and Budget 
        an audited financial statement for each fiscal year, covering 
        all accounts and associated activities of each office, bureau, 
        and activity of the agency; and
            ``(2) does not include a corporation, agency, or 
        instrumentality subject to chapter 91 of this title.''.

    (b) Waiver <<NOTE: 31 USC 3515 note.>> Authority.--
            (1) In general.--The Director of the Office of Management 
        and Budget may waive the application of all or part of section 
        3515(a) of title 31, United States Code, as amended by this 
        section, for financial statements required for the first 2 
        fiscal years beginning after the date of the enactment of this 
        Act for an agency described in paragraph (2) of this subsection.
            (2) Agencies described.--An agency referred to in paragraph 
        (1) is any covered executive agency (as that term is defined by 
        section 3515(f) of title 31, United States Code, as amended by 
        subsection (a) of this section) that is not an executive agency 
        identified in section 901(b) of title 31, United States Code.

    Approved November 7, 2002.

LEGISLATIVE HISTORY--H.R. 4685 (S. 2644):
---------------------------------------------------------------------------

SENATE REPORTS: No. 107-331 accompanying S. 2644 (Comm. on Governmental 
Affairs).
CONGRESSIONAL RECORD, Vol. 148 (2002):
            Oct. 7, considered and passed House.
            Oct. 17, considered and passed Senate.
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 38 (2002):
            Nov. 7, Presidential statements.

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