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The locks, channels, and accompanying infrastructure of the St. Lawrence Seaway are perpetual transportation assets that require periodic and regular capital reinvestment to continue to operate safely, reliably, and efficiently. The Great Lakes St. Lawrence Seaway Development Corporation’s (GLS) Seaway Infrastructure Program (SIP) addresses the long-term capital asset renewal needs of the U.S. Seaway infrastructure. Previously, the Government Accountability Office (GAO) identified issues with GLS’s cost estimating process. Given the importance of the U.S. Seaway infrastructure and GAO’s previous findings, we initiated this audit. The objective is to evaluate the reliability of GLS’s cost estimating process for SIP projects completed during fiscal years 2021 and 2022.