FTC OIG Financial Statement Audit for Fiscal Year 2014 Management Letter

On November 17, 2014, the OIG transmitted to the FTC the financial statement audit performed by an independent accounting firm -- which issued an unmodified (clean) opinion of the FTC's FY 2014 financial statements. When performing an audit of an agency's major financial systems and accounting processes, auditors often detect certain matters involving internal controls that do not rise to a level of seriousness to be reflected in the auditor's opinion report. These findings are communicated in a management letter, which does not affect the auditors' unmodified opinion on the financial statements. This management letter contained five recommendations that warranted management's consideration. Management concurred with the five recommendations -- and, at the time of this letter, had implemented or was in the process of implementing actions to address the issues identified.