S. 4716, titled the “Financial Management Risk Reduction Act," aims to enhance single audit requirements by amending section 7504 of title 31, United States Code. The bill requires the identification of entities that receive significant federal funding but have not undergone audits. It...
Simple Explanation
The Financial Management Risk Reduction Act is a new rule that wants to make sure that people or groups getting lots of money from the government are checked on to ensure they're using it correctly. The rule also wants to find new ways to check that everything is okay and see if these new ways actually help after a few years.