Government auditing and investigative standards require that our audit and investigative units each be reviewed by a peer OIG organization every three years. Section 989C of the Dodd-Frank Act amended the Inspector General Act of 1978 to require that OIGs provide in their semiannual reports to Congress specified information regarding (1) peer reviews of their respective organizations and (2) peer reviews they have conducted of other OIGs. The following information addresses these Dodd-Frank Act requirements.
During this period, we completed a peer review of the U.S. Department of Commerce (Commerce) OIG audit organization. We found that the Commerce OIG audit organization's system of quality control in effect for the year ended September 30, 2014, has been suitably designed and complied with to provide the Commerce OIG with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. The Commerce OIG has received a peer review rating of pass. Our system review report did not contain any recommendations, and no recommendations remain outstanding or not fully implemented from any previous peer reviews of the Commerce OIG audit organization.
During this period, we completed a review of the system of internal safeguards and management procedures for the investigative operations of the Commerce OIG. In our opinion, the system of internal safeguards and management procedures for the investigative function of the Commerce OIG in effect for the period ended September 30, 2014, is in compliance with the quality standards established by CIGIE and the applicable Attorney General guidelines. These safeguards and procedures provide the Commerce OIG reasonable assurance of conformance with professional standards in the planning, execution, and reporting of its investigations.
The last peer review of our audit organization was completed in September 2014 by the Tennessee Valley Authority OIG. We received a peer review rating of pass. There were no report recommendations, nor were any recommendations pending from any previous peer reviews of our audit organization.
The last peer review of our Office of Investigations was completed in October 2013 by the U.S. Railroad Retirement Board OIG. We received a peer review rating of pass. There were no report recommendations, nor were any recommendations pending from any previous peer reviews of our investigative organization. The peer review included suggestions for improvement, which we have considered and incorporated into updated policies and procedures where appropriate.
Peer review reports of our organization are available on our website: http://oig.federalreserve.gov/reports/peer-reviews.htm.