New Audit Announcements
Audit Initiated of DOT’s Contract Close-Out Process
From fiscal years 2009 to 2013, the Department of Transportation (DOT) spent over $30 billion for contracts. During the same period, DOT awarded over 20,000 contracts whose period of performance ended by December 31, 2013, which means that these contracts should either be closed or being considered for contract closeout. Contract closeout involves verifying that goods and services were provided as intended, validating final costs and payments, and freeing excess funds for possible use elsewhere. Timely and effective closeout ultimately protects the Government’s interests and helps agencies efficiently manage remaining funds. We are initiating an audit of DOT’s contract close-out process. Our objective is to determine whether selected Operating Administrations are closing contracts in accordance with Federal and departmental regulations.