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Code · BILL · 119th Congress · S. 3902 (Introduced in Senate) — To provide for auditable financial statements for the Department of Defense, and for other purposes. · Sec. 5

Sec. 5. Additional duties and qualifications for failure to obtain audits with unqualified opinion of fiscal year 2028 financial statements of the Department of Defense

787 words·~4 min read·/bill/119/s/3902/is/section-5

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If the Department of Defense fails to obtain an audit with an unqualified opinion on its financial statements for fiscal year 2028 by December 31, 2028, the following shall take effect on January 1, 2029: Any individual nominated for appointment to the position of Under Secretary of Defense (Comptroller) under section 135 of title 10, United States Code, shall be an individual who is a Certified Public Accountant
(CPA)and has served— as the chief financial officer or equivalent position of a Federal or State agency that has received an audit with an unqualified opinion on such agency's financial statements during the time of such individual's service; or as the chief financial officer or equivalent position of a public company that has received an audit with an unqualified opinion on such company's financial statements during the time of such individual's service. The duties and powers of the individual serving as Under Secretary of Defense (Comptroller) shall include, in addition to the duties and powers specified in section 135(c) of title 10, United States Code, such duties and powers with respect to the financial management of the Department of Defense as the Deputy Secretary of Defense (acting in the capacity of Chief Management Officer of the Department of Defense) or a successor official in the Department of Defense (acting in such capacity) may prescribe. Any individual nominated for appointment to the position of Assistant Secretary of the Army for Financial Management under section 7016 of title 10, United States Code, shall be an individual who is a Certified Public Accountant
(CPA)and who has served— as the chief financial officer or equivalent position of a Federal or State agency that has received an audit with an unqualified opinion on such agency's financial statements during the time of such individual's service; or as the chief financial officer or equivalent position of a public company that has received an audit with an unqualified opinion on such company's financial statements during the time of such individual's service. The responsibilities of the individual serving as Assistant Secretary of the Army for Financial Management shall include, in addition to the responsibilities specified in section 7016(b)(4) of title 10, United States Code, such responsibilities as the Deputy Secretary of Defense (acting in the capacity of Chief Management Officer of the Department of Defense) or a successor official in the Department of Defense (acting in such capacity) may prescribe. Any individual nominated for appointment to the position of Assistant Secretary of the Navy for Financial Management under section 8016 of title 10, United States Code, shall be an individual who is a Certified Public Accountant
(CPA)and who has served— as the chief financial officer or equivalent position of a Federal or State agency that has received an audit with an unqualified opinion on such agency's financial statements during the time of such individual's service; or as the chief financial officer or equivalent position of a public company that has received an audit with an unqualified opinion on such company's financial statements during the time of such individual's service. The responsibilities of the individual serving as Assistant Secretary of the Navy for Financial Management shall include, in addition to the responsibilities specified in section 8016(b)(4) of title 10, United States Code, such responsibilities as the Deputy Secretary of Defense (acting in the capacity of Chief Management Officer of the Department of Defense) or a successor official in the Department of Defense (acting in such capacity) may prescribe. Any individual nominated for appointment to the position of Assistant Secretary of the Air Force for Financial Management under section 9016 of title 10, United States Code, shall be an individual who is a Certified Public Accountant
(CPA)and who has served— as the chief financial officer or equivalent position of a Federal or State agency that has received an audit with an unqualified opinion on such agency's financial statements during the time of such individual's service; or as the chief financial officer or equivalent position of a public company that has received an audit with an unqualified opinion on such company's financial statements during the time of such individual's service. The responsibilities of the individual serving as Assistant Secretary of the Air Force for Financial Management shall include, in addition to the responsibilities specified in section 9016(b)(4) of title 10, United States Code, such responsibilities as the Deputy Secretary of Defense (acting in the capacity of Chief Management Officer of the Department of Defense) or a successor official in the Department of Defense (acting in such capacity) may prescribe. In this section, the term public company has the meaning given the term issuer in section 2(a)(7) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7201(7) ).
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Sec. 5
Additional duties and qualifications for failure to obtain audits with unqualified opinion of fiscal year 2028 financial statements of the Department of Defense
U.S.C.§ 7201
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