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Follow-Up Audit Initiated of MARAD's Title XI Loan-Guarantee Program

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We initiated a follow-up audit of MARAD's Title XI loan-guarantee program to review recently developed final procedures that address recommendations from our March 2003 audit. We will also verify that MARAD has satisfactorily implemented the procedures. Our March 2003 audit, done in response to congressional requests, found that MARAD needed to strengthen oversight of all phases of the loan-guarantee process and made five recommendations.

Congress appropriated $25 million to MARAD in April 2003 for new Title XI loan guarantees, but required that before MARAD can access those funds, we must certify the agency has satisfactorily implemented recommendations from our March audit report.