A bill to amend title 31, United States Code, to provide for executive agencies to conduct annual recovery audits and recovery activities, and for other purposes.

[AI summary unavailable — showing source text] Amends Federal law to require the head of each executive agency to conduct each fiscal year: (1) recovery audits of the agency's payment activities for the preceding fiscal year if the activities for such year total at least $500 million; and (2) recovery activities (attempts to collect payment errors) warranted with respect to such activities. Defines a "recovery audit" as a financial management technique of an executive agency that is used to perform internal audits of its records to identify facial-discrepancy payment errors made in connection with a payment activity. Authorizes such agencies to conduct recovery audits and activities in any fiscal year if the payment activities for the year total less than $500 million. Makes amounts collected as a result of recovery audits available for specified purposes, including: (1) payment of audit contractors or agency audit costs; (2) agency management improvement programs; and (3) other agency appropriations. Requires 50 percent of amounts collected to be deposited into the Treasury. Makes provisions regarding collected amounts inapplicable to the extent inconsistent with existing law that authorizes the crediting of such amounts to ot…