President Obama has signed into law S 1508, the “Improper Payments Elimination and Recovery Act” (IPERA), which is designed to enhance federal agency efforts to reduce and recover improper payments. Among other things, IPERA: requires agencies to conduct annual risk assessments; expands the types of programs that are required to conduct payment recovery audits; authorizes agencies to use recovered funds to improve financial management and inspector general activities; and requires agencies to take certain actions if they do not reduce improper payments.