Lumsden McCormick Receives Pass on U.S. DOT Quality Control Review
Posted by admin , on August 10, 2015
The U.S. Department of Transportation (DOT) recently assigned Lumsden McCormick a ‘pass’ rating on the performance of a Quality Control Review (QCR) administered by the DOT Office of Inspector General. The ‘pass’ rating is the highest distinction available.
The QCR was performed on a Single Audit report issued by Lumsden McCormick. Government agencies expending DOT federal funds are subject to QCRs by the DOT Office of Inspector General. Lumsden McCormick performs audits of governmental entities receiving these funds in accordance with Office of Management and Budget’s (OMB) Circular A-133. OMB Circular A-133 requires certified public accounting firms to render an opinion on the entity’s financial statements, identify inappropriate use of Federal funds, and report internal control and compliance deficiencies that affect Federal grant programs.
Donna M. Gonser, CPA, Partner, Head of the Audit and Accounting Department, stated “the Firm immediately cooperated with the request made by the DOT and after a weeklong audit which took place in our offices, the ‘pass’ rating simply reaffirms the Firm’s work ethic and commitment to quality services.”
The DOT issues rating of pass; pass with deficiency(ies); or fail. The DOT found that both Lumsden McCormick’s work papers and final Single Audit report were in compliance with the Single Audit Act of 1984 and OMB Circular A-133. The DOT QCR found the Firm’s work to be reliable and in accordance with the DOT’s major program, the Federal Transit Cluster. “We found nothing to indicate that L&M’s (Lumsden & McCormick, LLP) opinion on DOT’s major programs was inappropriate or unreliable,” indicated George E. Banks, IV, Program Director for Single Audit in the Office of the Inspector General.