AUDITS

To fulfill SIGTARP’s mandate to promote the economy, efficiency, and effectiveness of TARP programs and operations, SIGTARP’s Audit Division has identified several aspects of TARP – some internal to Treasury and some external – that will be the general focus of its work. SIGTARP issues audit reports that address various topics associated with TARP operations. These reports make recommendations for positive change to improve the economy and efficiency of the TARP.

• ensure transparency in TARP programs to the fullest reasonable extent to foster accountability in use of funds and program results
  
• examine whether Treasury managers have developed sufficient internal controls and procedures to manage TARP programs and the vendors hired to assist in such management
  
• ensure a fair, equitable and consistent application and review process for individuals and entities seeking relief under various TARP programs
  
• test compliance with the policies, procedures, regulations, terms, and conditions that are imposed on TARP participants
  
• coordinate with other relevant audit and oversight entities to maximize audit coverage while minimizing overlap and duplication efforts.
  

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Released Audit Reports

• December 10, 2009 - Additional Insight on Use of Troubled Asset Relief Program Funds [PDF]
  
  
• November 17, 2009 - Factors Affecting Efforts to Limit Payments to AIG Counterparties [PDF]
  
  
• October 14, 2009 - Extent of Federal Agencies' Oversight of AIG Compensation Varied, and Important Challenges Remain [PDF]
  
  
• October 5, 2009 - Emergency Capital Injections Provided to Support the Viability of Bank of America, Other Major Banks, and the U.S. Financial System [PDF]
  
  
• August 19, 2009 - Despite Evolving Rules on Executive Compensation, SIGTARP Survey Provides Insights on Compliance [PDF]
  *Individual responses to the Survey Request used for the audit can be found under Audit Resources dated August 19, 2009.
  
  
• August 6, 2009 - Opportunities to Strengthen Controls to Avoid Undue External Influence over Capital Purchase Program Decision Making [PDF]
  
  
• July 20, 2009 - SIGTARP Survey Demonstrates That Banks Can Provide Meaningful Information On Their Use Of TARP Funds [PDF]
  *Individual responses to the Survey Request used for the audit can be found under Audit Resources dated August 19, 2009.
  

Audit Resources

• August 19, 2009 - Responses to the Use of Funds Survey Request [PDF]
  
  
• April 14, 2009 - Use of Funds Request Letters [PDF]
  
  
• April 14, 2009 - Use of Funds Request Letters continued [PDF]
  
  
• February 25, 2009 - Questions and Answers Regarding Use of Funds Request Letter [PDF]
  
  
• February 5, 2009 - Use of Funds Request Sample Letter [PDF]

Audit Engagement Memorandums

• December 8, 2009 - Engagement Memo – Review of the Exit Process for the Capital Purchase Program.pdf [PDF]
  
  
• November 17, 2009 - Engagement Memo – Review of Office of the Special Master Decisions on Executive Compensation.pdf [PDF]
  
  
• November 13, 2009 - Engagement Memo – Review of the Collateral Monitors' Valuation Results and Subsequent Loans Issued Under the Term Asset-Backed Securities Loan Facility Program [PDF]
  
  
• October 2, 2009 - Engagement Memo – Review of the Internal Controls for the Legacy Securities Program under Treasury's Public-Private Investment Program [PDF]
  
  
• September 24, 2009 - Engagement Memo – Review of Capital Purchase Program (CPP) Applications Receiving Conditional Approval [PDF]
  
  
• July 30, 2009 - Engagement Memo – Review of the Methodology Used to Decide Which Automotive Dealerships Should be Maintained or Terminated [PDF]
  
  
• July 23, 2009 - Engagement Memo – Review of Citigroup’s Participation in the Asset Guarantee Program [PDF]
  
  
• July 22, 2009 - Engagement Memo - Audit of Governance Issues Regarding Exceptional Assistance to Selected TARP and Other Enterprises Receiving Exceptional Federal Assistance [PDF]
  
  
• July 7, 2009 - Engagement Memo – Review of Status and Challenges Confronting the Home Affordable Modification Program [PDF]
  
  
• June 23, 2009 - Engagement Memo – Audit of the Use of TARP Funds [PDF]
  
  
• June 8, 2009 - Engagement Memo – Review of Treasury Process to Value and Repurchase Warrants Issued Under the Capital Purchase Program [PDF]
  
  
• April 2, 2009 - Engagement Memo - Review of Payment of Counterparty Claims Settled by AIG [PDF]
  
  
• March 20, 2009 - Engagement Memo - Review of Federal Oversight of Executive Compensation Requirements Including Bonus Payments to AIG and Other TARP Recipients [PDF]
  
  
• February 9, 2009 - Engagement Memo - Audit of Treasury’s Investments in Bank of America, including Merrill Lynch [PDF]
  
  
• February 5, 2009 - Engagement Memo - Audit of the Use of TARP Funds and Audit of Controls Over Executive Compensation [PDF]
  
  
• February 5, 2009 - Engagement Memo - Guarding Against Any Inappropriate External Influence Over the TARP Application Process [PDF]