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Quality Control Review of the Independent Auditor’s Report on the Surface Transportation Board’s Audited Financial Statements for Fiscal Years 2019 and 2018

Required by the Accountability of Tax Dollars Act of 2002
Project ID: 
QC2020010
What We Looked At
We contracted with the independent public accounting firm Leon Snead & Company, P.C., to audit the Surface Transportation Board’s (STB) financial statements as of and for the fiscal years ended September 30, 2019, and September 30, 2018, and to report on internal control over financial reporting and compliance with laws and other matters. The contract requires the audit to be performed in accordance with U.S. generally accepted Government auditing standards, Office of Management and Budget audit guidance, and the Governmental Accountability Office’s and Council of the Inspectors General on Integrity and Efficiency’s Financial Audit Manual. In connection with the contract, we performed a quality control review of Leon Snead’s report dated November 12, 2019, and related documentation, and inquired of its representatives.
 
What We Found
Our quality control review disclosed no instances in which Leon Snead did not comply, in all material respects, with U.S. generally accepted Government auditing standards.
 
Recommendations
STB concurred with Leon Snead’s three recommendations. We agree with Leon Snead’s recommendations and are not making any additional recommendations.

Recommendations

Open

Closed

No. 1 to STB

LSC recommends STB ensure that year-end schedules are updated to allow sufficient timeframes to accomplish STB established internal control processes in an effective manner.

No. 2 to STB

LSC recommends STB require the accounting service provider to provide to STB evidence of quality control reviews signed and approved by supervisory personnel prior to accepting receipt of these documents.

No. 3 to STB

LSC recommends STB reject financial statements and related supporting documentation when the accounting service provider submits incomplete or inaccurate data.