Federal Reports

This report details KPMG’s findings of its audit of financial statements from the Bureau of Trust Funds Administration for fiscal years 2021 and 2020.

What We Looked AtIn accordance with the Government Corporation Control Act of 1945, we audited the financial statements of the Great Lakes Saint Lawrence Seaway Development Corporation (GLS), a U.S. Government Corporation, as of and for the fiscal years ended September 30, 2021, and September 30, 2020. What We FoundIn our opinion, GLS’s financial statements present fairly, in all material respects, GLS’s financial position as of September 30, 2021, and September 30, 2020, 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 2021, with provisions of the applicable laws, regulations, and contracts we tested. RecommendationsWe are making no recommendations.  

Our objectives were to determine whether WPRFMC (1) claimed allowable, allocable, and reasonable costs under the financial assistance awards and (2) received the goods and services paid for by the awards.

Objective: To fulfill our responsibilities under the Chief Financial Officers Act of 1990 (CFO Act) and related legislation, we monitored Grant Thornton LLP’s audit of the Social Security Administration’s (SSA) Fiscal Year (FY) 2021 financial statements to ensure the quality of the audit work performed was adequate.

This report communicates considerations for company management if it reinstates the annual physical exam requirement for locomotive engineers, which the company suspended in August 2021 in part because of the COVID-19 pandemic.Prior to the suspension, we found that about one-third of locomotive engineers did not meet the company’s self-imposed requirement to pass an annual physical exam. Company reports showed, however, that they had passed a triennial exam to meet related Federal Railroad Administration requirements. Several factors likely contributed to engineers not fulfilling the annual requirement, including that the company had not yet designated in policy a senior accountable official or developed processes to fully enforce it.We provided two considerations for management if the company reinstates the requirement, including adopting more rigorous processes to enforce it and designating in policy a senior accountable official to ensure supervisors enforce it.