#aahth ,,congress  #b;d ,session  ,s4   
#dgaf  ,,an ,,act  ,to amend section    
#gejd of title #ca1 ,united ,states     
,code1 to improve the single audit      
requirements4  #a4 ,short title ,this   
,act may be cited as the ,financial     
,management ,risk ,reduction ,act4  #b4 
,single audit improvements ,section     
#gejd of title #ca1 ,united ,states     
,code1 is amended-- 7#a7 in subsection  
7a7-- 7,a7 in paragraph 7#a71 by        
striking 1 and and inserting a          
semicolon2  7,b7 in paragraph 7#b71 by  
striking the period at the end and      
inserting a semicolon2 and  7,c7 by     
adding at the end the following3  7#c7  
participate in and furnish information  
for the review under subsection 7e72 and
  7#d7 identify recipients that expend  
#cjj1jjj or more in ,federal awards or  
such other amount specified by the      
,director under section #gejb7;a77#c7   
during the recipient's fiscal year but  
did not undergo an audit in accordance  
with this chapter4  2  7#b7 in          

subsection 7c7-- 7,a7 in paragraph 7#a71
 by adding and at the end2  7,b7 by     
striking paragraph 7#b72 and  7,c7 by   
redesignating paragraph 7#c7 as         
paragraph 7#b72 and  7#c7 by adding at  
the end the following3  7d7 ,not later  
than #b years after the date of         
enactment of this subsection1 and every 
#b years thereafter1 the ,director shall
 submit to the ,committee on ,homeland  
,security and ,governmental ,affairs of 
the ,senate and the ,committee on       
,oversight and ,accountability of the   
,house of ,representatives a report     
listing the recipients identified under 
subsection 7a77#d74  7e7 7#a7 ,the      
,director shall designate #a or more    
,federal agencies to conduct a          
,government-wide analysis of single     
audit quality1 which may include a      
consideration of the results of reviews 
of single audit quality by-- 7,a7       
,federal agencies2  7,b7 inspectors     
general of ,federal agencies2  7,c7     
,state auditors2 and  7,d7 external peer

 reviews conducted in accordance with   
generally accepted government auditing  
standards4  7#b7 ,not later than #c     
years after the date of enactment of    
this subsection1 and every #f years     
thereafter1 the ,federal agencies       
designated under paragraph 7#a7 shall   
complete a ,government-wide analysis of 
single audit quality4  7#c7 ,the        
,director shall submit to the ,committee
 on ,homeland ,security and             
,governmental ,affairs of the ,senate   
and the ,committee on ,oversight and    
,accountability of the ,house of        
,representatives and make publicly      
available a summary of the results of   
each review under paragraph 7#b74  7f7  
,not later than #b years after the date 
of enactment of this subsection-- 7#a7  
the ,administrator of ,general          
,services1 in coordination with the     
,director1 the ,council on ,federal     
,financial ,assistance 7or any successor
 thereto71 and key management single    
audit liaisons of ,federal agencies     

designated as described in section      
#bjj4eac of title #b1 ,code of ,federal 
,regulations 7or any successor thereto71
 shall develop analytic tools to use    
audit data in the ,federal clearinghouse
 to identify cross-,governmental risks  
to ,federal award funds2 and  7#b7 the  
,director1 in coordination with the     
,administrator of ,general ,services1   
the ,council on ,federal ,financial     
,assistance 7or any successor thereto71 
and key management single audit liaisons
 of ,federal agencies designated as     
described in section #bjj4eac of title  
#b1 ,code of ,federal ,regulations 7or  
any successor thereto71 shall develop a 
strategy to use audit data in the       
,federal clearinghouse to identify      
cross-,governmental risks to ,federal   
award funds4  7g7 ,not later than #d    
years after the date of enactment of    
this subsection1 the ,comptroller       
,general of the ,united ,states shall   
complete an evaluation of-- 7#a7 the    
effectiveness of the strategy and       

analytic tools developed under          
subsection 7f72  7#b7 reporting burdens 
for auditors and audited entities and   
the capacity of auditors and audited    
entities to fulfill the requirements    
under this chapter2 and  7#c7 the       
responsiveness of ,federal agencies to  
repeat single audit findings and        
corrective action plans4  4  #c4 ,no    
additional funds ,no additional funds   
are authorized to be appropriated to    
carry out this ,act or the amendments   
made by this ,act4  ,passed the ,senate 
,november #ad1 #bjbd4,secretary