Tough Review From IG's Peer
The Commodity Futures Trading Commission inspector general office received poor marks for the quality of its audit function, IG A. Roy Lavik revealed in a semiannual report to Congress.
As reported Friday by the Center for Public Integrity, Lavik stated that the IG office "underwent a peer review of its audit function by the Federal Election Commission Office of Inspector General. We were given a rating of -- fail with a scope limitation."
The problems cited include failing to meet government audit standards for quality control; failing to properly oversee independent accountants hired by the IG; failing to document annual budget requests; failing to use software to create and maintain audit files; and failing to regularly make reports available to the public on the Internet.
The report, which came out in April, said that one of the 29 recommendations made by the FEC inspector general -- posting reports on the agency website -- already has been implemented, while the others are being addressed. An attorney for the IG said the office has requested one new senior manager hire and has brought in a former IG as a consultant to help address the issues.