Executive Branch Financial Accountability Reporting Act of 2004

[AI summary unavailable — showing source text] Executive Branch Financial Accountability Reporting Act of 2004 - Instructs the Director of the Office of Management and Budget (OMB) to list for certain congressional committees: (1) each Federal entity that receives an exemption or waiver from the statutory requirement for an annually audited financial statement; and (2) other Federal entities, including special purpose entities, that do not prepare independently audited annual financial statements. Requires the OMB report to include assessments of: (1) the capability of the listed entities to prepare annual financial statements and have them independently audited; (2) how to reduce the costs of preparing the financial statements and performing independent audits by grouping together smaller entities and other methods by which the preparation and independent audits of financial statements could be made cost-effective; and (3) the benefits of improved financial oversight encompassing the entire executive branch, including recommendations for a plan to implement a requirement that the entire executive branch prepare annual independently audited financial statements.…