Financial Accountability Expansion Act of 2004

[AI summary unavailable — showing source text] Financial Accountability Expansion Act of 2004 - Amends Federal law governing financial statements of Federal agencies to: (1) repeal the authority of the Director of the Office of Management and Budget (OMB) to exempt certain executive small-sized executive agencies from submitting annual financial statements; and (2) instruct OMB to notify the Secretary of the Treasury (Secretary) which executive agencies have size or budgetary limitations that do not support the internal preparation of a mandated financial statement. Directs the Secretary to: (1) prepare such financial statements or contract for their preparation; and (2) contract with independent auditors to audit them. Amends the Accountability of Tax Dollars Act of 2002 to make technical and conforming amendments to reflect this Act. Directs OMB to require each Federal entity that is not currently required to prepare an independently audited annual financial statement to submit one prepared in accordance with generally accepted auditing principles.…