What We Looked AtThis report presents the results of our quality control review (QCR) of Allmond & Company, LLC’s (Allmond) management letter regarding the audit conducted, under contract with us, of the Surface Transportation Board’s (STB) financial statements as of and for the fiscal years ended September 30, 2022, and September 30, 2021. The management letter discusses internal control matters that Allmond was not required to include in its report on the audit of STB’s financial statements. What We FoundOur QCR of the management letter disclosed no instances in which Allmond did not comply, in all material respects, with generally accepted Government auditing standards. RecommendationsAllmond made six recommendations in its management letter. STB concurred with all six recommendations.
Open Recommendations
| Recommendation Number | Significant Recommendation | Recommended Questioned Costs | Recommended Funds for Better Use | Additional Details | |
|---|---|---|---|---|---|
| 1 | Yes | $0 | $0 | ||
| STB perform a review of all employees' leave balances to ensure they are accurate and comply with 5 United States Code (U.S.C.) 6304 requirements. | |||||
| 2 | Yes | $0 | $0 | ||
| STB work with its payroll service provider to determine and address the cause of the error. | |||||
| 3 | Yes | $0 | $0 | ||
| STB perform a review of the identified employee's leave balances (i.e., beginning balance, leave accrued/taken, and ending balance) for each year since the error first occurred in order to recalculate the employee's corrected leave balance. | |||||
| 4 | Yes | $0 | $0 | ||
| Management record all equipment purchases that meet its capitalization thresholds as capitalized assets. If the acquired property is not ready to be placed into service, then that property should be classified as Construction in Progress or Other General Property, Plant and Equipment, depending on the circumstances that apply to the purchased items at that time. | |||||
| 5 | Yes | $0 | $0 | ||
| Management regularly assess all capitalized property and identify assets that require reclassification, such as when assets are being placed into, or taken out of, service. | |||||
| 6 | Yes | $0 | $0 | ||
| Management update its financial reporting and property management policies and procedures to include the recording of new capitalized purchases in accordance with generally accepted accounting principles. | |||||
