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Pub.L. 107-290 To amend the District of Columbia Retirement Protection Act of 1997 to ...
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[[Page 116 STAT. 2049]]
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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