Federal Reports

Financial Statement Opinion

Internal Control

Compliance with Laws and Regulations

Independent Auditor's Report and Financial Statements for the Fiscal Years Ended September 30, 2020 and 2019

What We Looked AtWe contracted with the independent public accounting firm KPMG LLP to audit the Federal Aviation Administration’s (FAA) consolidated financial statements as of and for the fiscal years ended September 30, 2020, and September 30, 2019, and provide an opinion on those financial statements, to report on internal control over financial reporting, and to report on compliance with laws and other matters. The contract requires 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 of KPMG’s report dated November 9, 2020, and related documentation, and inquired of its representatives. What We FoundOur quality control review disclosed no instances in which KPMG did not comply, in all material respects, with U.S. generally accepted Government auditing standards. RecommendationsFAA concurred with KPMG’s three recommendations. We agree with KPMG’s recommendations and are not making any additional recommendations.

What We Looked AtIn accordance with the Government Corporation Control Act of 1945, we audited the financial statements of the Saint Lawrence Seaway Development Corporation (SLSDC), a U.S. Government Corporation, as of and for the fiscal years ended September 30, 2020, and September 30, 2019. What We FoundIn our opinion, SLSDC’s financial statements present fairly, in all material respects, SLSDC’s financial position as of September 30, 2020, and September 30, 2019, and its operations and changes in cumulative results of operations, cash flows, budgetary resources and actual expenses, and changes in equity of the U.S. Government for the years then ended, in accordance with U.S. generally accepted accounting principles. We found no material weaknesses in internal control over financial reporting based on the limited procedures we performed. We also found no reportable noncompliance for fiscal year 2020, with provisions of the applicable laws, regulations, and contracts we tested. RecommendationsWe are making no recommendations.

The Chief Financial Officers Act of 1990 (Public Law 101-576), as amended, requires the Office of Inspector General to audit the financial statements of the Federal Housing Administration (FHA) annually. We audited the accompanying FHA financial statements and notes as of and for the fiscal years ending September 30, 2020 and 2019, which are comprised of the balance sheets, related statements of net cost, changes in net position, and combined statements of budgetary resources for the fiscal years then ended. We conducted these audits in accordance with U.S. generally accepted government auditing standards.In our opinion, FHA’s fiscal years 2020 and 2019 financial statements were presented fairly, in all material respects, in accordance with the U.S. generally accepted accounting principles for the Federal Government. FHA reports our opinion in its Fiscal Year 2020 Annual Management Report. The results of our audit of FHA’s principal financial statements and notes for the fiscal years ending September 30, 2020 and 2019, including our report on FHA’s internal control and test of compliance with selected provisions of laws, regulations, and contracts applicable to FHA, are presented in this report. Our audit did not disclose any deficiencies in internal control that we consider to be material weaknesses or significant deficiencies and no instances of noncompliance with applicable laws, regulations, and contracts.We have no new recommendations in this report; however, the Followup on Prior Audits section contains recommendations from prior-year audits that are still outstanding. While these recommendations relate to prior-year material weaknesses or significant deficiencies that have now been substantially resolved, FHA should continue to track and resolve these recommendations in accordance with departmental procedures.