Report on the Railroad Retirement Board's Financial Statements Fiscal Year 2024

Date Issued

Friday, November 15, 2024

Submitting OIG

Railroad Retirement Board OIG

Other Participating OIGs

Railroad Retirement Board OIG

Agencies Reviewed/Investigated

Railroad Retirement Board

Report Number

25-01

Report Type

Audit

Agency Wide

Yes

Number of Recommendations

Questioned Costs

Funds for Better Use

Report updated under NDAA 5274

Open Recommendations

This report has 3 open recommendations.

Recommendation Number	Significant Recommendation	Recommended Questioned Costs	Recommended Funds for Better Use	Additional Details
1	No	$0	$0	Management concurred with this recommendation.
The Railroad Retirement Board should initiate discussions with the Department of Treasury to pursue changes to Railroad Retirement Board's reporting requirements to provide for a different reporting structure for the assets held by NRRIT.
2	No	$0	$0	Management concurred with this recommendation
The Railroad Retirement Board’s Bureau of Fiscal Operations should implement a note disclosure checklist for quality assurance and review to better incorporate the annual federal financial requirements into RRB's quality assurance process to ensure its financial reporting is complete and accurate
3	No	$0	$0	Management concurred with this recommendation.
The Railroad Retirement Board’s Bureau of Fiscal Operations should Initiate discussions with the Department of Treasury to determine the proper accounting treatment for unusual or Railroad Retirement Board specific transactions.