S. 4716, titled the “Financial Management Risk Reduction Act,” aims to improve the single audit requirements under section 7504 of title 31 of the United States Code. The bill requires entities that spend $300,000 or more in federal awards to undergo audits and mandates...
Simple Explanation
S. 4716 is a plan to check if people using a lot of government money are doing it right by making them get checks called audits. It tries to be careful with money without adding extra new money to pay for these checks.