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… Business Administration’s Improper Payment Rate for 7(a) Guaranty Purchases Remains Significantly Underestimated … audit of the Small Business Improper Payment Rate for 7(a) Guaranty Purchases for Fiscal Year 2011. Report 13-07 This … audit of the Small Business Improper Payment Rate for 7(a) Guaranty Purchases for Fiscal Year 2011.  The OIG audited …

… borrowers had repayment ability, and these loans are at a higher risk of default. According to a senior ODA management official, the SOP 50 30 7 criteria …

… (2) inadequate controls over 1502 reporting for the 7(a) guaranty loan program; (3) untimely 7(a) charge-off reviews and processing; and (4) inadequate …

… with the Office of Management and Budget Circular No. A-136, Financial Reporting Requirements and the Treasury …

… with the Office of Management and Budget Circular No. A-136,  Financial Reporting Requirements,  and the  Treasury …

… reporting, and compliance and other matters that have a direct and material effect on the financial statements.  … were no material weaknesses in internal control. There is a significant deficiency related to SBA’s information technology security controls, which is a repeat condition. There is one instance of noncompliance …

… the extent to which the joint venture agreement between a mentor and protégé resulted in substantial benefits to the 8(a) participant, and (2) assess the SBA’s oversight of … joint venture arrangements and did not effectively oversee 8(a) firms that have joint venture agreements.  As a result, …

… were no material weaknesses in internal control. There is a significant deficiency related to the SBA’s information … Within 30 days of this report, KPMG expects to issue a separate letter to SBA management regarding other, less …

… the correct amount.  The OIG found that the SBA approved a total of nearly $1 million more than it should have for 11 of the 22 loans in our sample—over half of the total $1.8 million that SBA approved for these 11 loans.  The SBA … ineligible borrower, 2 loans with incomplete analyses, and 8 loans that contained errors in the SBA’s calculations to …

… Audit Report 14-18: Evaluation of Select 8(a) Business Development and HUBZone Contract Awards This … presents the results of our evaluation of select Section 8(a) Business Development Program and Historically …

… cardholders and approving officials on the proper use of a government purchase card, to include purchase limitations …

… STEP grant program, which may result in misspent funds and a failure to achieve intended results.  For example, … Trade and the Office of Grant Management awarded a grant to an ineligible applicant, provided untimely and … grant terms and conditions.  The audit team recommended a total of nine specific actions that we believe will improve …

… included: loans approved that lacked creditworthiness; a loan approved with a collateral shortfall; and a loan approved as an existing business instead of a new …

… Performance Problems of High-Risk Lenders Remains a Challenge for the Small Business Administration Audit … Performance Problems of High-Risk Lenders Remains a Challenge for the Small Business Administration Report … 2005 and October 2010 for 16 lenders selected from a universe of 57 lenders, with 33 reports.  The OIG found …

… Audit Report ROM 10-09: Lack of Approval for a Recovery Act Surety Bid Bond Guarantee This management … work for this review. The surety bid bond was approved by a preferred surety company on July 7, 2009, through the … bonds without SBA's prior approval. The SBA does not have a process in place to ensure that aged outstanding PSB bid …

… of Electronic Records Management.  After completing a survey, the Auditing Division decided not to perform an … and (2) magnetic tapes containing records needed for a prior audit were inappropriately erased.   The OIG, …

… spent the advance funds to meet its payroll.  As a result, the subcontractor repossessed the furniture causing … the SBA also violated Federal regulations by advancing a $226,678 payment to the prime contractor prior to the … totaling $78,856 that were unrelated to the contract.  As a result, the SBA executed over $300,000 in improper payments …

… Audit Report 8-04: GFRS for Fiscal Year 2007 The IPA’s audit of the … as of and for the year ended September 30, 2006. Report 8-04 On November 17, 2007, the OIG issued the Independent … are available only in paper and on CD-ROM.  If would like a copy of one or more, contact the Office of Inspector …

… Audit Report 8-03: Audit of SBA’s FY 2007 Financial Statements Audit Report 8-03: Audit of SBA’s FY 2007 Financial Statements Report 8-03 … accepted accounting principles.  The auditor documented a significant deficiency in management’s information …