Department of Defense Task Force for Business and Stability Operations' Banking and Financial Infrastructure Development in Afghanistan and Iraq: Audit of Cost Incurred by aXseum Solutions, LLC
Abstract
On December 22, 2010, the Department of Defense's (DOD) Task Force for Business and Stability Operations (TFBSO), through the Department of the Interior's National Business Center, awarded a 1-year, $1.5 million contract to aXseum Solutions, LLC (aXseum) to provide advisory services in banking and financial infrastructure development in Afghanistan and Iraq. The contract required aXseum to perform activities such as developing a database of profiles of Afghan and Iraqi banks to help modernize banking infrastructure. The contract was modified 24 times, increasing the total amount to $8.8 million and extending the period of performance through May 5, 2014. SIGAR's financial audit, performed by Williams, Adley, and Company-DC, LLP (Williams Adley), reviewed $8,799,358 in reimbursable costs incurred under the contract between December 22, 2010, and May 5, 2014. The objectives of the audit were to (1) identify and report on significant deficiencies and material weaknesses in aXseum's internal controls related to the contract; (2) identify and report on instances of material noncompliance with the terms of the contract and applicable laws and regulations, including any potential fraud or abuse; (3) determine and report on whether aXseum has taken corrective action on prior findings and recommendations; and (4) express an opinion on the fair presentation of aXseum's Special Purpose Financial Statement. See Williams Adley's report for the precise audit objectives. In contracting with an independent audit firm and drawing from the results of the audit, SIGAR is required by auditing standards to review the audit work performed. Accordingly, SIGAR oversaw the audit and reviewed its results. Our review disclosed no instances where Williams Adley did not comply, in all material respects, with U.S. generally accepted government auditing standards.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jan 01, 2018
- Accession Number
- AD1139780
Entities
People
- John Sopko
Organizations
- Special Inspector General for Afghanistan Reconstruction