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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.
SIGTARP’s audits generally will be designed to accomplish these objectives:
- 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.
Reports noted as PDF require a special plugin. To obtain a free reader for this format, please visit the Adobe® website.
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Released Audit Reports
- September 29, 2011 - Exiting TARP: Repayment by the Largest Financial Institutions [PDF]
- September 28, 2011 - Legal Fees Paid Under the Troubled Asset Relief Program: An Expanded Report [PDF]
- April 14, 2011 - Treasury's Process for Contracting for Professional Services under TARP [PDF]
- January 13, 2011 - Extraordinary
Financial Assistance Provided to Citigroup, Inc. [PDF]
*On March 23, 2011, SIGTARP revised one paragraph of this audit report,
prompted by a request from the Office of the Comptroller of the Currency.
The revision did not affect the report's findings or conclusions. The
specific change is referenced in footnote 11 on page 5 of the report.
- October 7, 2010 - Selecting
Fund Managers for the Legacy Securities Public-Private Investment Program
[PDF]
- July 19, 2010 - Factors
Affecting the Decisions of General Motors and Chrysler to Reduce Their
Dealership Networks [PDF]
- June 29, 2010 - Treasury's
Monitoring of Compliance with TARP Requirements by Companies Receiving
Exceptional Assistance [PDF]
- May 11, 2010 - Assessing
Treasury’s Process to Sell Warrants Received From TARP Recipients
[PDF]
- March 25, 2010 - Factors
Affecting Implementation of the Home Affordable Modification Program
[PDF]
- 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
Audit Engagement Memorandums
- November 23, 2011 - Engagement Memo - Update on Announced Review of the Process for Refinancing Treasury's TARP Investments to SBLF [PDF]
- February 4, 2011 - Engagement Memo – Review of the Process for Refinancing Treasury’s TARP Investments to SBLF [PDF]
- November 16, 2010 - Engagement Memo - Review of Treasury's Oversight of the Internal Controls for the Legacy Securities Public-Private Investment Program [PDF]
- November 3, 2010 - Engagement Memo – Review of General Motor's decision to "top-up" Delphi's pension plan for hourly workers [PDF]
- October 26, 2010 - Engagement Memo – Review of Treasury’s Investment in General Motors Company [PDF]
- August 10, 2010 - Engagement Memo – Review of the Section 382 Limitation Waiver for Financial Instruments Held by Treasury [PDF]
- August 4, 2010 - Engagement Memo – Review of Implementation of the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets [PDF]
- May 14, 2010 - Engagement Memo - Review of Treasury's Process for Contracting for Professional Services Under the Troubled Asset Relief Program [PDF]
- March 23, 2010 - Engagement Memo – Review of the Home Affordable Modification Program's Net Present Value Test [PDF]
- December 8, 2009 - Engagement Memo – Review of the Exit Process for the Capital Purchase Program [PDF]
- November 17, 2009 - Engagement Memo – Review of Office of the Special Master Decisions on Executive Compensation [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]
Last updated: December 19, 2011
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SIGTARP HOTLINE
If you are aware of fraud, waste, abuse, mismanagement or misrepresentations
affiliated with the Troubled Asset Relief Program, please contact the SIGTARP Hotline!
 Phone: 1-(877) SIG-2009
Online SIGTARP Hotline Form
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