Audit of SBA's FY 2007 Financial Statements - Management Letter

On December 14, 2007, the OIG issued the independent public accountant or (IPA’s) management letter in Audit Report 8-06, Audit of SBA’s FY 2007 Financial Statements – Management Letter. The IPA’s management letter includes information related to non-reportable findings identified during the IPA’s audit of the SBA’s FY 2007 financial statements.

In this letter, the IPA noted six matters involving internal controls and other operational matters that included: (1) the guaranteed purchase process, (2) the guaranty loan charge-off and lender follow-up process, (3) development and communication of standard operating procedures, (4) disaster program credit model calculations, (5) undelivered orders, and (6) payroll processing and controls over official personnel files.