Audit Reports

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January 31, 2022

Management Letter Report on the Great Lakes Saint Lawrence Seaway Development Corporation’s Audited Financial Statements for Fiscal Years 2021 and 2020

Required by the Government Corporation Control Act of 1945 and the Chief Financial Officers Act of 1990
Project ID: 
FS2022019
View PDF Document
What We Looked At
In accordance with the Government Corporation Control Act of 1945, we audited the financial statements of the Great Lakes Saint Lawrence Seaway Development Corporation (GLS), a U.S. Government corporation, as of and for the years ended September 30, 2021 and September 30, 2020. We are now issuing a management letter that discusses control matters that we were not required to include in our audit report.
 
What We Found
We found three internal control matters based on interim testing of GLS’s Operating Expenses, Minority Bank Certificates of Deposits, and Inventory.
 
Recommendations
We made seven recommendations. GLS concurred with all seven recommendations.

Recommendations

Open

Closed

Closed on 03.07.2023
No. 1 to GLS

Implement controls that require that the correct micro-purchase thresholds are assessed before approving SAM waivers.

Closed on 03.07.2023
No. 2 to GLS

Review payments made to the non-SAM approved vendor and determine whether the amounts are recoverable in accordance with the Payment Integrity Information Act of 2019.

Closed on 03.08.2023
No. 3 to GLS

Document and follow established controls to require that supporting documentation for CDs is obtained in a timely manner and recorded accurately so the system of record properly reflects information related to the CDs.

Closed on 03.08.2023
No. 4 to GLS

Develop and implement controls to require that employees are removed from CD accounts when they separate from the corporation and replace with current employees.

Closed on 03.23.2023
No. 5 to GLS

Implement procedures to perform periodic reviews of OM&S purchases for valuation accuracy.

Closed on 09.19.2023
No. 6 to GLS

Follow up on prior help requests submitted to system support to verify that the OM&S cost corrections have been made.

Closed on 03.23.2023
No. 7 to GLS

Work with system support to correct the deficiencies that cause OM&S cost errors.