H.R. 10155, titled the “Financial Management Risk Reduction Act,” seeks to amend section 7504 of title 31, United States Code, to enhance single audit requirements for organizations handling federal funds. The bill adds provisions for monitoring audit compliance, mandating...
Simple Explanation
The "Financial Management Risk Reduction Act" is like a rule that makes sure everyone who uses a lot of money from the government gets checked to see if they're doing everything right. But they have to do this with the same money they already have, so it might be a little tricky.