Intergovernmental Cooperation Act

[AI summary unavailable — showing source text] Intergovernmental Cooperation Act - Title I: Accounting, Auditing, and Reporting of Federal Assistance Funds - Authorizes the President to establish rules and regulations that will simplify and, where possible, make more uniform the financial reporting requirements associated with Federal assistance programs. Declares that Federal agencies administering assistance programs to State and local governments shall, to the greatest extent feasible, rely on the internal or independent accounting and auditing of these programs by the recipient jurisdictions. Requires each Federal agency administering assistance programs to maintain continuous liaison with counterpart State and local fiscal control administrators. Requires Federal agency heads to coordinate and make more uniform the auditing requirements of assistance programs coming under their jurisdiction and establishes cross-servicing arrangements with other agencies for audit purposes. Authorizes the Office of Management and Budget, or such other agency as may be designated by the President, to prescribe Government-wide rules and regulations for the effective implementaion of those requirements. Title II: Consolidation of Federal Assi…