Federal Reports

The Office of the Inspector General (OIG) performed the procedures, which were requested and agreed to by Tennessee Valley Authority management solely to assist management in determining the validity of the Winning Performance/Executive Annual Incentive Plan (WP) Measures for fiscal year (FY) ending September 30, 2023. Tennessee Valley Authority management is responsible for the WP Measures data provided. In summary, procedures applied by the OIG found the:• FY 2023 WP goals for the enterprise measures were properly approved. • FY 2023 goals (target) for the corporate multiplier measures were properly approved. • Actual FY to-date results for the enterprise measures agreed with the underlying support, without exception.• Actual FY to-date results for the corporate multiplier measures agreed with the underlying support, without exception.• FY 2023 WP payout percentages provided by the Business Planning and Analysis organization on November 6, 2023, were mathematically accurate and agreed with the OIG’s recalculation.

EAC OIG, through the independent public accounting firm of Allmond & Company, LLC, audited EAC’s financial statements for the fiscal year ended September 30, 2023.

EAC OIG, through the independent public accounting firm of Allmond & Company, LLC, audited EAC's financial statements for fiscal year 2023. The purpose of this letter is to convey information concerning control weaknesses that did not rise to the level of a significant deficiency or material weakness.

The U.S. International Development Finance Corporation (DFC), Office of Inspector General (OIG) contracted with an independent public accounting firm to conduct a congressionally requested audit of DFC’s renewable energy and financing projects. The U.S. House of Representatives Committee on Appropriations requested DFC OIG to complete a follow-up audit similar to U.S. Agency for International Development (USAID) OIG’s audit of Overseas Private Investment Corporation’s (OPIC) Chile Energy Sector Portfolio completed in 2019. With congressional approval, this audit focused on DFC’s renewable energy and financing projects in India, which is the Corporation’s largest country investment partner at approximately $3.6 billion.

We contracted with the independent public accounting firm of CliftonLarsonAllen LLP (CLA) to audit the financial statements of FHA as of and for the fiscal years ended September 30, 2023 and 2022, and to provide reports on FHA’s (1) internal control over financial reporting and (2) compliance with laws, regulations, contracts, and grant agreements and other matters. Our contract with CLA required that the audit be performed in accordance with U.S. generally accepted government auditing standards, Office of Management and Budget audit requirements, and the Financial Audit Manual of the U.S. Government Accountability Office and the Council of the Inspectors General on Integrity and Efficiency.In its audit of FHA, CLA reportedThat FHA’s financial statements as of and for the fiscal year ended September 30, 2023 and 2022, were presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles.No material weaknesses for fiscal year 2023 in internal control over financial reporting, based on limited procedures performed. One significant deficiency for fiscal year 2023 in internal control over financial reporting, based on the limited procedures performed. The significant deficiency was related to weaknesses in internal controls over loans receivable.No reportable noncompliance issues for fiscal year 2023 with provisions of applicable laws, regulations, contracts, and grant agreements or other matters.In connection with the contract, we reviewed CLA’s reports and related documentation and questioned its representatives. Our review, as differentiated from an audit of the financial statements in accordance with U.S. generally accepted government auditing standards, was not intended to enable us to express and we do not express opinions on FHA’s financial statements or conclusions about (1) the effectiveness of FHA’s internal control over financial reporting and (2) FHA’s compliance with laws, regulations, contracts, and grant agreements or other matters. CLA is responsible for the attached Independent Auditors’ Report, dated November 13, 2023, and the conclusions expressed therein. Our review disclosed no instances in which CLA did not comply, in all material respects, with U.S. generally accepted government auditing standards.FHA’s audited financial statements are included in FHA’s Annual Management Report which can be found at- FHAFY2023ANNUALMGMNTRPT.PDF (hud.gov)

What We Looked AtWe contracted with the independent public accounting firm Allmond & Company, LLC (Allmond), to audit the National Transportation Safety Board’s (NTSB) financial statements as of and for the fiscal years ended September 30, 2023, and September 30, 2022; provide an opinion on those financial statements; report on internal control over financial reporting, and report on 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 6, 2023, and related documentation, and inquired of its 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. Our RecommendationsAllmond made no recommendations.