A bill to provide for improved financial management and audit of Federal assistance programs.

[AI summary unavailable — showing source text] Requires the Director of the Office of Management and Budget to develop standard accounting, auditing and financial management policies for the administration, accounting, and financial auditing of Federal assistance programs to State and local governments and nonprofit tax-exempt organizations. Directs that such standards shall include: (1) terms, definitions and conditions used in such grants, contracts, and cooperative agreements; (2) generally accepted accounting principles and standards; (3) uniform requirements for grant application forms; (4) uniform principles and standards for financial management; and (5) uniform payment policies for grants, contracts, and cooperative agreements. Requires a single independent financial and compliance audit every two years of: (1) State and local governments and subgrantees; and (2) nonprofit organizations and subgrantees which receive Federal assistance in excess of $100,000 per year. Requires such an audit once every five years in the case of recipients of less than $100,000 per year. Directs that such audits shall be audits of the recipient, rather than audits of individual grants and programs. Provides that State and local governments …