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Brought to you by the Council of the Inspectors General on Integrity and Efficiency
Federal Reports
Report Date
Agency Reviewed / Investigated
Report Title
Type
Location
Department of Education
FY 2024 Financial Statement Audit – Federal Student Aid
The Chief Financial Officers Act of 1990 requires the Inspector General to audit the agency’s financial statements each year, which is intended to help improve an agency’s financial management and controls over financial reporting. The auditors issued a disclaimer of opinion, as they were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion because of errors identified in the underlying data used to calculate the subsidy re-estimates for the direct loan and loan guaranty programs. In the Report on Internal Control over Financial Reporting, the auditors identified one material weakness and two significant deficiencies in internal control over financial reporting. In the Report on Compliance and Other Matters, the auditors’ testing did not identify instances of noncompliance or other matter to be reported. Seventeen recommendations were made to FSA to address the internal control findings. (See page 184 for the audit)
Closeout Financial Audit of the Promoting Citizen Participation in the Electoral Process and Public Debate Project in El Salvador Managed by Fundacin Dr. Guillermo Manuel Ungo, Cooperative Agreement AID-519-A-17-00004, January 1, 2023, to May 31, 2024
Quality Control Review of the Independent Auditors' Report on the Department of Transportation's Audited Consolidated Financial Statements for Fiscal Years 2024 and 2023
Our Objective(s)To perform a quality control review (QCR) of KPMG LLP's audit of the Department of Transportation's consolidated financial statements as of and for the fiscal years ended September 30, 2024, and September 30, 2023. We reviewed KPMG's report, dated November 12, 2024, and related documentation.
About This ReportWe contracted with the independent public accounting firm KPMG LLP to audit DOT's consolidated financial statements, provide an opinion on those financial statements, report on internal control over financial reporting, and report on compliance with laws and other matters.
What We FoundThe independent auditor, KPMG, found one significant deficiency in DOT's IT internal controls over financial reporting.
KPMG found general information technology control deficiencies within various systems at the Federal Highway Administration and the Federal Aviation Administration.
Our QCR disclosed no instances in which KPMG did not comply, in all material respects, with U.S. generally accepted Government auditing standards.
RecommendationsWe agree with KPMG's three recommendations to help strengthen DOT's General Information Technology Controls.
We rendered an unmodified opinion on the EPA's consolidated financial statements for fiscal years 2024 and 2023 (restated), meaning that they were fairly presented and free of material misstatement. However, we noted three material weaknesses and one significant deficiency. The most concerning material weakness the OIG identified is that the EPA used an existing rebate transaction type that was established to record the Clean School Bus rebate payments. This resulted in $828 million of rebate payments being recorded as expenses instead of advances
Allmond & Company rendered an unmodified opinion on the CSB's fiscal years 2024 and 2023 financial statements, meaning that the statements were fairly presented and free of material misstatements.
