S. 4716, also known as the "Financial Management Risk Reduction Act," aims to strengthen the single audit requirements under section 7504 of title 31, United States Code. It mandates the identification and reporting of recipients who spend at least $300,000 in federal awards...
Simple Explanation
The Financial Management Risk Reduction Act is a plan to make sure that people or groups who use a lot of government money—$300,000 or more—have their spending checked more carefully. It hopes to do this without extra money, by using what they already have.