Federal Reports

What We Looked AtWe contracted with the independent public accounting firm Allmond & Company LLC (Allmond) to audit the Great Lakes St. Lawrence Seaway Development Corporation’s (GLS) financial statements as of and for the fiscal year ended September 30, 2023; 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 Allmond to perform the audit 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 Allmond’s report dated November 6, 2023, and related documentation, and inquired of its representatives. What We FoundOur quality control review disclosed no instances in which Allmond did not comply, in all material respects, with U.S. generally accepted Government auditing standards. Our RecommendationsAllmond made two recommendations in its report with which GLS concurred. We agree with Allmond’s recommendations and are making no additional recommendations.

We contracted with the independent public accounting firm of CliftonLarsonAllen LLP (CLA) to audit the financial statements of Ginnie Mae as of and for the fiscal years ended September 30, 2023 and 2022, and to provide reports on Ginnie Mae’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 Ginnie Mae, CLA reported 

• That Ginnie Mae’s financial statements as of and for the fiscal years 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 or significant deficiencies for fiscal year 2023 in internal control over financial reporting, based on limited procedures performed.
• 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 inquired of 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 Ginnie Mae’s financial statements or conclusions about 1) the effectiveness of Ginnie Mae’s internal control over financial reporting and 2) Ginnie Mae’s compliance with laws, regulations, contracts, 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.

Ginnie Mae’s audited financial statements are included in its 2023 Annual Report which can be found at 2023 Ginnie Mae Annual Report.

Semiannual Report

This report includes EAC OIG’s independent assessment of the top management challenges facing EAC in fiscal year 2024.