This bill amends federal audit requirements for organizations that receive federal funding. It requires organizations that spend $300,000 or more in federal awards to undergo audits and report their audit results to the federal government. The legislation directs federal agencies to conduct a government-wide analysis of single audit quality every six years and report findings to Congress and the public. It also requires the General Services Administration and the Office of Management and Budget to develop tools and strategies to identify risks to federal funding across government agencies within two years, with the Government Accountability Office evaluating the effectiveness of these tools and strategies within four years. The bill does not authorize any new federal spending, meaning these responsibilities must be carried out with existing resources.
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