SBA document page, Independent Auditors’ Report on SBA’s Compliance with Payment Integrity
Summary
Report 21-16 of SBA's Office of Inspector General presents the required audit of SBA's compliance with the Payment Integrity Information Act of 2019, performed by the independent certified public accounting firm KPMG LLP. KPMG reviewed the payment integrity section of SBA's Fiscal Year 2020 Agency Financial Report and reported that SBA is compliant with four of the six reporting requirements in the Act. SBA is not compliant because the Disaster Direct Loan Program reported an improper payments rate that exceeded the 10 percent threshold and did not meet its planned FY 2020 reduction target. KPMG also found SBA needs to improve the completeness and accuracy of its reporting and its controls to prevent improper payments.
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“SBA document page, Independent Auditors’ Report on SBA’s Compliance with Payment Integrity.”
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Report 21-16 Independent Auditors’ Report on SBA’s Compliance with Payment Integrity This report presents the results of the required audit of the SBA’s compliance with the Payment Integrity Information Act of 2019 About this document and download This report presents the results of the required audit of the Small Business Administration's (SBA's) compliance with the Payment Integrity Information Act of 2019. We contracted with the independent certified public accounting firm KPMG LLP to conduct a performance audit, as required by the Act. The objectives of the engagement were to review the payment integrity section of SBA’s Fiscal Year 2020 Agency Financial Report to determine whether the agency was in compliance with the Act. KPMG also evaluated the agency’s accuracy and completeness of reporting and performance in preventing and reducing improper payments. The independent auditors’ report presents KPMG’s findings on the agency’s improper payment reporting required under the Act. KPMG reported that SBA is compliant with four of the six reporting requirements in the Act. However, SBA is not compliant with the Act because the Disaster Direct Loan Program reported an improper payments rate that exceeded the 10 percent threshold for compliance and did not demonstrate improvements as evidenced by not meeting its planned FY 2020 improper payments target reduction. In addition, KPMG found the agency needs to improve the completeness and accuracy of improper payment reporting. The agency also needs to improve controls to prevent and reduce improper payments. Download .pdf File size: 593KB Effective : May 12, 2021 Owned by : Office of Inspector General Related Programs : Related programs: Agency Management Last updated May 12, 2021
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