S. 4716, also known as the “Financial Management Risk Reduction Act,” aims to improve single audit requirements by amending section 7504 of title 31, United States Code. The bill mandates the Director of a federal agency to submit reports every two years, listing entities...
Simple Explanation
The Financial Management Risk Reduction Act aims to make sure that when big amounts of money are given by the government, they are checked properly without spending more money on these checks, but it might make it tricky for the government to do this without extra help.