New Audit Announcements
Termination of Audit of DOT’s Credit Council
The Department of Transportation (DOT) established the DOT Credit Council in 2004 to ensure the application of consistent credit policies and management practices across the Department’s credit programs. Because of the importance of the Credit Council’s role, we conducted this audit of the Council’s oversight of the Department’s credit programs. Our objective was to assess the Council’s policies and procedures for carrying out its responsibilities.
The Fixing America’s Surface Transportation Act of 2015 mandated the restructuring of DOT’s credit programs, and established the Council on Credit and Finance (CCF) to replace the Credit Council and an organization to support the CCF. In July 2016, DOT established the Build America Bureau (the Bureau) as the CCF’s support organization. The Department is currently staffing the Bureau and establishing policies and procedures for it and the CCF. In light of these changes in DOT’s management of its credit programs, we have ended our audit, and instead of recommendations requiring further action, have provided observations from our work and steps for DOT to consider for the future. These suggested steps include the establishment of an internal control framework prescribed by the Government Accountability Office’s Federal Internal Control Standards to help the CCF and the Bureau effectively manage their operations. Elements of this framework would include: specific and measurable objectives, including ones for the CCF and Bureau’s portfolio monitoring activities; and clear roles and responsibilities for oversight and management activities.