Audit Report 15-04: Management Letter - SBA’s FY 2014 Financial Statements Audit

On December 15, 2014, the OIG issued the Independent Public Accountant or (IPA’s) Management Letter in Audit Report 15-04, Management Letter - SBA’s FY 2014 Financial Statements Audit. The IPA’s Management Letter includes information related to non-reportable findings identified during the IPA’s audit of the SBA’s FY 2014 financial statements.

In this letter, the IPA noted four matters involving internal controls and other operational matters that included: (1) improvement needed in the timely issuance of safety and soundness examination reports; (2) inadequate controls over 1502 reporting for the 7(a) guaranty loan program; (3) untimely 7(a) charge-off reviews and processing; and (4) inadequate reviews of STAR time and attendance reports.