Federal Reports

What We Looked AtIn accordance with the Government Corporation Control Act of 1945, we audited the financial statements of the Saint Lawrence Seaway Development Corporation (SLSDC), a U.S. Government Corporation, as of and for the years ended September 30, 2018, and September 30, 2017.What We FoundIn our opinion, SLSDC's financial statements present fairly, in all material respects, SLSDC's financial position as of September 30, 2018, and September 30, 2017, and its statements of operations and changes in cumulative results of operations, cash flows, budgetary resources and actual expenses, and changes in equity of the U.S. Government for the years then ended, in accordance with U.S. generally accepted accounting principles. We found no material weaknesses in internal control over financial reporting based on the limited procedures we performed. However, we did identify a significant deficiency. In addition, we found no reportable noncompliance for fiscal year 2018, with provisions of applicable laws, regulations, and contracts we tested.RecommendationsWe made three recommendations to help SLSDC strengthen its controls over property, plant, and equipment reporting.

What We Looked AtWe contracted with the independent public accounting firm of Allmond & Company, LLC to audit the National Transportation Safety Board's (NTSB) financial statements as of and for the fiscal years ended September 30, 2018, and September 30, 2017, and to provide a report on internal control over financial reporting and compliance with laws and other matters. The contract required that the audit 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. In connection with the contract, we performed a quality control review of Allmond's report dated November 6, 2018, 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.RecommendationsNTSB concurred with Allmond's two recommendations.

Annual audit the financial statements.

An audit report required by the Accountability of Tax Dollars Act of 2002.

The Federal Managers’ Financial Integrity Act (FMFIA), P.L. 97-255, as well as the Office of Management and Budget’s (OMB) Circular No. A-123, Management Accountability and Control, establish specific requirements for management controls. Each agency head must establish controls to reasonably ensure that: (1) obligations and costs are in compliance with applicable laws; (2) funds, property and other assets are safeguarded against waste, loss, unauthorized use, or misappropriation; and (3) revenues and expenditures applicable to agency operations are properly recorded and accounted for in order to permit the preparation of reliable financial and statistical reports, as well as to maintain accountability over the assets. FMFIA further requires each executive agency head, based on an evaluation conducted in accordance with applicable guidelines, to prepare and submit a signed statement to the President disclosing whether the agency’s system of internal accounting and administrative control fully complies with requirements established in FMFIA.

Management Letter for the FY 2018 Financial Statement Audit