Audit Reports

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March 27, 2019

Independent Auditors’ Management Letter on the Saint Lawrence Seaway Development Corporation’s Audited Financial Statements for Fiscal Years 2018 and 2017

Required by the Government Corporation Control Act of 1945
Project ID: 
FI2019042
View PDF Document
What We Looked At
In 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. In addition to our audit report on SLSDC’s financial statements, we are issuing a management letter that discusses one internal control matter that we were not required to include in our report.
 
What We Found
We statistically sampled 30 inventory items as of June 30, 2018. We attempted to physically locate and confirm quantity levels or other units of measure, such as linear feet, for each inventory line item in our sample. We were able to reconcile our physical unit counts with SLSDC inventory records for 25 of our 30 sample items. We noted count differences for the remaining five line items.
 
Recommendations
We made two recommendations in our management letter. SLSDC concurred with both of our recommendations.

Recommendations

Open

Closed

Closed on 09.19.2019
No. 1 to GLS

Provide training to warehouse staff to reinforce the proper procedures for processing and recording inventory transactions.

Closed on 09.19.2019
No. 2 to GLS

Continue to work with the service provider to correct system deficiencies that are causing processing errors for returned items.