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November 19, 2015

Quality Control Review of the Audited Closing Package Financial Statements for Fiscal Years 2015 and 2014

Required by the Chief Financial Officers Act
Project ID: 
QC2016009
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This report presents the results of our quality control review of the Department of Transportation’s (DOT) Closing Package Financial Statements for fiscal years 2015 and 2014. KPMG LLP, under contract to the OIG, issued an unmodified audit opinion on DOT’s Closing Package Financial Statements. KPMG reported one material weakness in internal controls over financial reporting for the Closing Package Financial Statements. Specifically, DOT omitted certain contingencies (note 18) and heritage assets (note 26) from module GF006‑FR, All Notes Report. These omissions were corrected prior to the submission of the Closing Package Financial Statements to the Department of Treasury.

Recommendations

Open

Closed

Closed on 12.12.2016
No. 1 to OST

KPMG recommends that DOT improve controls over financial reporting for the closing package financial statements to ensure that the accompanying notes to the Closing Package are accurately prepared in accordance with the instructions contained in TFM Chapter 4700.

Closed on 12.12.2016
No. 2 to OST

KPMG recommends that DOT improve controls over financial reporting for the closing package financial statements to ensure an appropriate supervisory review of the Closing Package prior to "lock down" with the Department of the Treasury.