A Weekly Digest of GAO Reports for week of November 4, 2024
A Weekly Digest of GAO Reports for week of November 4, 2024
Red Hill Fuel Storage: DOD’s contract approaches and oversight before and after the 2021 fuel leaks:
The GAO report on the Red Hill Fuel Storage Facility focuses on the Department of Defense's (DOD) contractual oversight and response following two major fuel leaks in 2021, which resulted in environmental contamination and public health risks. This report implies that federal contractors working on high-stakes environmental and infrastructure projects should anticipate increased oversight and potentially expedited contracting processes, especially when urgent safety and environmental concerns are involved. https://www.gao.gov/assets/gao-25-106572.pdf
Single Audits: Interior and treasury need to improve their oversight of COVID-19 relief provided to tribal entities:
The GAO report highlights that the Departments of Interior and Treasury did not fully meet oversight requirements for COVID-19 relief funds given to tribal entities, especially regarding single audit processes and tracking corrective actions on audit findings. Federal contractors supporting compliance and audit processes for relief funds should expect heightened focus on timely submission of reports and corrective actions as agencies work to strengthen oversight protocols and ensure fund accountability. https://www.gao.gov/assets/gao-25-106741.pdf
Financial Audit: IR’s FY 2024 and FY 2023 Financial Statements:
The GAO report on the IRS's financial statements for FY 2024 and FY 2023 concluded that while the IRS’s financial statements are presented fairly, there remain significant deficiencies, particularly in managing unpaid tax assessments. This highlights for federal contractors, especially those dealing with financial reporting or auditing for government agencies, the critical need to maintain effective internal controls and timely address financial reporting deficiencies to align with government expectations for transparency and accountability(gao-25-107202). https://www.gao.gov/assets/gao-25-107202.pdf
Population Estimates: Result of the census bureau’s challenge program:
The GAO report on the Census Bureau's Population Estimates Challenge Program (PECP) found that changes to the program were necessary to address limitations from the 2020 Census, such as data delays and confidentiality adjustments, leading to the creation of a blended population base. For federal contractors, this highlights the potential for increased opportunities in data analysis and program management to support accurate population estimates, especially as the Bureau continues to refine methodologies and incorporate broader data sources. https://www.gao.gov/assets/gao-25-107503.pdf
Financial Audit: Bureau of the fiscal service’s FY 2023 schedules of Federal Debt:
The GAO report on the Bureau of the Fiscal Service’s Federal Debt Schedules for FY 2024 and 2023 concludes that federal debt reporting is accurate and internal controls are effective. For federal contractors, the report underscores the importance of maintaining robust financial reporting practices and internal controls, especially as the government’s growing debt and increased borrowing costs highlight the need for precise fiscal management. https://www.gao.gov/assets/gao-25-107138.pdf
The information provided in this blog post is for general informational purposes only. While we strive for accuracy, this post does not constitute legal advice and should not be relied upon as such. Please refer directly to GAO reports and consult qualified professionals for specific guidance on federal contracting matters.