Federal Reports

The audit objectives were to determine whether program funds were managed in accordance with the ARC and Federal grant requirements

The OIG assessed the effectiveness of the Enterprise Risk Management (ERM) organization's role within TVA's overall risk management program. To aid in our assessment, we compiled the results of prior relevant audits and evaluations to identify common themes that bear on the ERM organization's effectiveness.We found TVA has made improvements in its ERM program since a 2008 OIG inspection was completed. However, we made the following observations in our recent review: (1) risks were not aligned to strategic objectives that support TVA's mission, (2) TVA had not established and communicated a risk appetite or risk appetite statement, (3) the risk management culture was not fully embedded throughout the organization, (4) risk tolerances reported by SBUs/BUs could be improved, and (5) multi-point risk assessments were not used as part of the risk assessment process. Also, the current application used to collect and analyze risks limits the effectiveness and efficiency of the ERM program, and information in and the process for reviewing TVA's risk management program guidelines and policy could be improved.We made six recommendations for improving the effectiveness of the ERM program. Prior to our issuing the final report, TVA addressed the deficiencies in its risk management policy and guidelines. Management generally agreed with the remaining findings and recommendations. Summary Only

KPMG LLP, the auditor under contract having performed the audits of the office of D.C. Pension's (ODCP) consolidated financial statements as of and for the fiscal years ended 2010, 2011, 2012, and 2013 has withdrawn its opinion on those respective consolidated financial statements as a result of subsequent discovery of material errors. Accordingly, the previously issued independent auditors' reports, on the 2010, 2011, 2012, and 2013 consolidated financial statements dated December 15, 2010, report number OIG-11-050; December 16, 2011, report number OIG-12-029; December 10, 2012, report number OIG-13-021; and June 2, 2014, report number OIG-14-037 have been removed from the OIG website and Oversight.gov)