Security Clearance Oversight and Accountability Act - Amends the National Security Act of 1947 to direct the President: (1) every four years, to conduct an audit of how the executive branch determines whether a security clearance is required for a particular position in the federal government, and report audit results to Congress; (2) every year, to report to Congress on the security clearance process with respect to government employees, government contractors, and intelligence community personnel; and (3) to submit a one-time report to Congress on security clearance investigations and adjudications.
Requires the Director of the Office of Management and Budget (OMB) to report annually to Congress on security clearance determinations completed or ongoing during the preceding fiscal year that have taken longer than one year to complete.