119th (2025–2027)
S. 3902
The RECEIPTS Act streamlines Department of Defense financial accountability by eliminating four longstanding congressional reporting requirements once the DoD achieves a clean audit opinion on its overall financial statements. To strengthen oversight of this process, the bill creates a new Defense Audit Committee—chaired by the Deputy Secretary of Defense and including the Chief Information Officer, Deputy Inspector General for Audit, and four external members appointed by Congress (with at least two being certified public accountants experienced in federal auditing)—and requires that the DoD's annual financial audit be conducted by an independent external auditor rather than internal agency staff. These changes take effect immediately upon the DoD receiving an unqualified audit opinion covering all military departments, and no new funding or timeline is specified in the legislation.