Federal Reports

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, 2023, and September 30, 2022. KPMG was required to 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 Governmental 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 KPMG’s report dated November 9, 2023, and related documentation, and inquired of KPMG’s representatives. What We FoundOur QCR 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 recommendation. We agree with KPMG’s recommendation and are not making any additional recommendations.

What We Looked AtWe contracted with the independent public accounting firm Allmond & Company, LLC (Allmond), to audit the Surface Transportation Board’s (STB) 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 RecommendationsSTB concurred with Allmond’s ten recommendations. We agree with Allmond’s recommendations and are not making any additional recommendations.

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.