S. 4716 would amend the requirements for federal and nonfederal entities with respect to single audits. In general, current law requires that any nonfederal entity that spends more than a specified amount in federal grants, loans, or contracts within a fiscal year submit to an independent audit, called a single audit, and report the results to the Federal Audit Clearinghouse (FAC). Specifically, the bill would:

• Require the Office of Management and Budget (OMB) to designate at least one federal agency to conduct a governmentwide quality analysis of single audits,
• Require the General Services Administration (GSA) to develop analytical tools to identify risks related to the use of federal award funds, and 
• Impose additional reporting requirements on federal agencies.

The bill also would require the Government Accountability Office to report, within four years of enactment, on single audits and GSA’s analytical tools.