Cotton & Company LLP
Certified Public Accountants
333 North Fairfax Street, Suite 401
Alexandria, Virginia 22314
U.S. SMALL BUSINESS ADMINISTRATION
OFFICE OF INSPECTOR GENERAL
WASHINGTON, D.C. 20416
Issue Date: February 28, 2002
To: Robert J. Moffitt
Associate Administrator, Office of Surety Guarantees
From: Robert G. Seabrooks
Assistant Inspector General for Auditing
Subject: Audit of Safeco/First National Insurance Company
Attached is the audit report on Safeco/First National Insurance Company issued by Cotton & Company LLP. The report discusses the following issues: (1) copies of SBA
underwriting form numbers 1624 and 912 were not maintained for one bond, and (2) SBA was not notified of default in a timely manner for one bond.
You may release this report to the duly authorized representative of Safeco/First National Insurance Company. The findings included in this report are based on the auditors’ conclusions. The findings and recommendations are subject to review, management decision, and corrective action by your office in accordance with existing Agency procedures for audit follow-up and resolution. Please provide us your proposed management decision for each recommendation on the attached forms 1824, Recommended Action Sheet, within 80 days.
This report may contain proprietary information subject to the provisions of 18 USC 1905. Therefore, you should not release this report to the public or another agency
without permission of the Office of Inspector General. Should you or your staff have any questions, please contact Robert Hultberg, Business Development Programs Group at
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