What We Looked AtWe contracted with the independent public accounting firm Allmond & Company, LLC (Allmond), to audit the Surface Transportation Board’s (STB) financial statements as of and for the fiscal years ended September 30, 2022, and September 30, 2021; provide an opinion on those financial statements; and report on internal control over financial reporting, compliance with laws, and other matters. The contract required the audit to be performed in accordance with U.S. generally accepted Government auditing standards; Office of Management and Budget audit guidance; and the Government Accountability Office’s and Council of the Inspectors General on Integrity and Efficiency’s Financial Audit Manual. We performed a quality control review (QCR) of Allmond’s report, dated November 06, 2022, and related documentation, and inquired of Allmond’s representatives. What We FoundOur QCR disclosed no instances in which Allmond did not comply, in all material respects, with U.S. generally accepted Government auditing standards. RecommendationsSTB concurred with Allmond’s seven recommendations. We agree with Allmond’s recommendations and are not making any additional recommendations.
Open Recommendations
| Recommendation Number | Significant Recommendation | Recommended Questioned Costs | Recommended Funds for Better Use | Additional Details | |
|---|---|---|---|---|---|
| 1 | Yes | $0 | $0 | ||
| STB management should review the current version of the Office of Management and Budget (OMB) Circular A-136 to independently verify that all required footnotes are included and bring any omissions to the service provider's attention so that errors or omissions can be corrected. | |||||
| 2 | Yes | $0 | $0 | ||
| STB management should review the service provider's Financial Statement and Notes Review Checklist to verify that the checklist is up to date and includes all required elements per OMB and Treasury guidance and then complete the checklist independently. Alternatively, STB management should develop and complete its own review checklist based on current Treasury and OMB reporting requirements. | |||||
| 3 | Yes | $0 | $0 | ||
| STB management should request its financial management service provider to: Reevaluate the inclusion of account balances that were excluded in the Other Liabilities footnote, or Disaggregate (i.e., separately report) intragovernmental other liabilities balances reported as a single line item on the balance sheet that are not included in the footnote so that the total amounts reported for Other Liabilities on the Balance Sheet and in the footnote agree. | |||||
| 4 | Yes | $0 | $0 | ||
| STB management should ensure that its review process includes procedures to disaggregate material balances reported in the financial statements and footnotes, agree balances to source documents, agree the footnotes to the principal financial statements, and verify the mathematical accuracy of all statements and schedules included in the financial statement package. | |||||
| 5 | Yes | $0 | $0 | ||
| STB should perform routine reviews of employee benefit elections and Official Personnel Folders (OPFs) to ensure they are complete and accurate. | |||||
| 6 | Yes | $0 | $0 | ||
| STB should address missing or unavailable supporting documentation with its shared service provider to ensure that document retrieval tools are available and are working properly to allow retrieval of all stored documents. | |||||
| 7 | Yes | $0 | $0 | ||
| STB should obtain replacement documentation for employee forms and other documentation that has been determined to be incomplete or irretrievable from databases and other electronic sources. | |||||
