Federal Spending Oversight: New Rules for Single Audits and Risk Reduction.
This law strengthens oversight of how organizations (like state/local governments and non-profits) spend federal funds. It mandates the identification of entities that received large grants but failed to complete required audits, aiming to reduce waste and fraud. Citizens benefit from increased transparency and better management of public money.
Key points
Federal agencies must identify and report entities that spent $300,000 or more in federal funds but did not undergo the required single audit.
The law establishes regular, public, government-wide analyses of audit quality to improve financial oversight and ensure taxpayer money is used correctly.
New analytical tools and strategies will be developed to detect cross-governmental risks related to the misuse of federal award funds.
Became Law
Citizen Poll