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Federal Reserve Board & CFPB OIG

Evaluation of Third-Party Cybersecurity Risk Management Processes for Vendors Supporting the Main Street Lending Program (MSLP) and the Secondary Market Corporate Credit Facility (SMCCF)

In response to the economic effects of the COVID-19 pandemic, the Board created new lending programs and facilities to provide loans to employers, certain businesses, and communities across the country to support the U.S. economy. To support the implementation of specific programs and facilities, the Federal Reserve Banks have contracted with third-party vendors for various services, such as administrative, custodial, legal, design, and investment management services. These vendors provide data generated from the operations and management of the facilities to the Reserve Banks, who then provide the data to the Board. We plan to evaluate the effectiveness of (1) the risk management processes designed to ensure that effective information security and data integrity controls are implemented by third parties supporting the administration of the MSLP and the SMCCF and (2) select security controls managed by the Reserve Banks for selected systems that process and maintain MSLP and SMCCF data.

U.S. Agency for International Development OIG

Audit of USAID's Missions Capacity to Monitor During COVID-19

USAID missions are faced with the unprecedented burdens of continuing operations and routine monitoring of activities in the field—despite the constraints posed by the pandemic. The audit objectives are to (1) determine the extent to which USAID missions’ capacity to monitor programs has been impacted by COVID-19 and (2) assess to what extent USAID has taken steps to mitigate the effects of the pandemic on program monitoring.

Federal Reserve Board & CFPB OIG

Audit of the Board's Data Aggregation, Validation, and Reporting Processes for its CARES Act Lending Programs

Section 4026 of the CARES Act and section 13(3) of the Federal Reserve Act require the Board to report certain information regarding its emergency lending programs. The Board has stated its commitment to transparency and accountability by announcing that it will report, on a monthly basis, information on the lending programs using CARES Act funding, including the names and details of the participants in each program; the amounts borrowed and the interest rate charged; and overall costs, revenues, and fees for each program. The Board also reports aggregate information on its weekly comprehensive balance sheet, which is publicly available. We plan to assess the Board’s processes for aggregating and reporting lending information related to its CARES Act programs, including the data validation processes it uses to ensure that the information is current, accurate, and complete.

U.S. Agency for International Development OIG

Audit of Data Quality in Selected in USAID PEPFAR Programs in Africa

This audit will look at the quality of data reported in selected President’s Emergency Plan for AIDS Relief (PEPFAR) programs to determine if weaknesses exist that may lead to inaccurate results reporting. The objectives of this audit are to assess the extent to which USAID has: (1) designed and implemented internal controls over collecting, verifying, and reporting PEPFAR data; and (2) identified and mitigated the effects of the COVID-19 pandemic on its internal controls over PEPFAR data quality.  

U.S. Agency for International Development OIG

Audit of the Role of Ventilators in USAID’s COVID-19 Response

USAID’s activities to assess need and identify appropriate interventions are key in shaping how it responds to public health emergencies.  The primary role of ventilators has been one of the most controversial aspects of USAID’s COVID-19 response, attracting both media and Congressional scrutiny.  The objectives of this audit are to answer the following questions: (1) What are USAID’s practices for assessing needs and prioritizing interventions during public health emergencies? (2) To what extent, if any, did the practices employed to determine the use and allocation of ventilators during the COVID-19 pandemic differ from these practices?

U.S. Agency for International Development OIG

Oversight of Overseas Contingency Operations

As required by section 8L of the Inspector General Act of 1978, as amended, the Inspectors General for the Department of Defense, Department of State, and USAID work together to report quarterly to Congress on every overseas contingency operation’s progress and corresponding oversight activities.  Starting in the second quarter of fiscal year 2020, these quarterly reports include reporting on the COVID-19 outbreaks in Afghanistan, Syria, Iraq, and the Philippines, as well as the U.S. government response to them.

Federal Reserve Board & CFPB OIG

Monitoring of the Federal Reserve’s Lending Facilities

In response to the economic effects of the coronavirus pandemic, the Federal Reserve recently announced that it would create new lending facilities to provide loans to employers, certain businesses, and communities across the country to support the U.S. economy. Specifically, the following programs have been created or are in development: the Main Street Lending Program, the Paycheck Protection Program Liquidity Facility, the Municipal Liquidity Facility, the Primary Market Corporate Credit Facility, and the Secondary Market Corporate Credit Facility. We are initiating an active monitoring effort of these programs to gain an understanding of operational, governance, reputational, and financial matters associated with them. Through this monitoring effort, we will refine our focus on the programs and identify areas for future audits or evaluations. Some of the topics we are considering include the design, operation, governance, and oversight of the lending programs; data collection and reporting associated with the programs; and the effect of the programs on the Board’s supervision and regulation activities.

U.S. Agency for International Development OIG

Audit of USAID’s Branding and Marking Requirements

USAID’s branding and marking efforts enhance the visibility and value of U.S. foreign assistance and are intended to inform beneficiaries that aid comes from the American people. Unfortunately, according to the Agency, beneficiaries of the billions of dollars of foreign assistance provided by the United States every year often have little to no awareness that the aid they receive is provided by the American people.  The objectives of this audit are to determine the extent to which USAID: (1) has policies and procedures to ensure compliance with statutory branding and marking requirements and (2) provided information and oversight to ensure implementers complied with branding and marking requirements. Given particular interest from Congress amid the ongoing pandemic, this audit will consider the impact of COVID-19 under both objectives as appropriate.

U.S. Agency for International Development OIG

Audit of Local Partner Participation Initiatives in USAID’s PEPFAR Programs in Africa

The Office of the U.S. Global AIDS Coordinator and Health Diplomacy (OGAC) has established a goal of 70 percent local partner participation in President’s Emergency Plan for AIDS Relief (PEPFAR) programs by 2020. Included in the definition of local partner participation is government-to-government assistance, which is especially risky in Africa given the levels of political corruption in countries with the greatest HIV prevalence. The objectives of this audit are to: (1) describe the extent to which USAID’s PEPFAR budgets are on track to meet the goal for local partner funding; (2) assess to what extent USAID’s agency-wide strategy has prepared the agency to increase PEPFAR funding to local partners while addressing risks; and (3) assess to what extent selected USAID missions in Africa followed agency guidance designed to achieve the goal for PEPFAR local partner funding while addressing risks.  The audit also explores topics related to the possible effects of the COVID-19 pandemic on USAID’s ability to reach the OGAC target and the extent to which USAID has identified financial and programmatic risks emanating from the pandemic.