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April 8, 2020

Quality Control Review of the Management Letter for NTSB’s Audited Financial Statements for Fiscal Years 2019 and 2018

Project ID: 
QC2020026
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What We Looked At
This report presents the results of our quality control review (QCR) of Allmond & Company, LLC’s management letter related to the audit it conducted, under contract with us, of the National Transportation Safety Board’s (NTSB) financial statements for fiscal years 2019 and 2018. In addition to its audit report on NTSB’s financial statements, Allmond issued a management letter that discusses internal control matters that it was not required to include in its audit report.
 
What We Found
Our QCR of Allmond’s management letter disclosed no instances in which Allmond did not comply, in all material respects, with generally accepted Government auditing standards.
 
Recommendations
Allmond made three recommendations in its management letter. NTSB concurred with all recommendations.

Recommendations

Open

Closed

Closed on 12.16.2020
No. 1 to NTSB

Enhance existing policies and procedures to ensure that the account balances, line items, and all corresponding balances reported in the agency's trial balance are complete, accurate, and classified according to their economic substance.

Closed on 12.16.2020
No. 2 to NTSB

Enhance existing policies and procedures to ensure that the account balances and line items reported in the financial statement footnotes agree with the agency's adjusted trial balance for the corresponding reporting period.

Closed on 12.16.2020
No. 3 to NTSB

Enforce existing policies and procedures regarding the review and approval of manual journal vouchers to ensure that all required levels of review are completed and the process is properly documented.