Department of Commerce Working Capital Fund Billing Practices and Transparency Need Improvement

We conducted an audit to evaluate controls over the Working Capital Fund in FY 2016. Specifically, we sought to determine whether (1) there were effective controls over the billing and algorithm development processes, (2) relationships of reimbursements and billings to services provided were reasonable, (3) projects utilized performance metrics as management tools to assess project performance, (4) projects’ funding levels were adequately supported, and (5) the Office of the Secretary Office of Financial Management Directorate had effective controls over retaining or returning advances received in excess of obligations.