Correspondence issued by the Government Accountability Office with an abstract that begins "During fiscal year 2011, OFS addressed several of the internal control issues related to the significant deficiency we reported for fiscal year 2010 concerning its accounting and financial reporting processes. However, remaining uncorrected control deficiencies along with other control deficiencies that we identified in this area in fiscal year 2011 collectively represented a continuing significant deficiency in OFS’s internal control over its accounting and financial reporting processes. Specifically, while OFS improved its review and approval process for preparing its financial statements, notes, and Management Discussion and Analysis (MD&A) for TARP for fiscal year 2011, we continued to identify incorrect amounts and inconsistent disclosures in OFS’s draft financial statements, notes, and MD&A that were significant, but not material, and that were not detected by OFS. For fiscal year 2011, we also identified deficiencies in other OFS accounting and financial reporting procedures related to: (1) recording of noncash transactions, (2) recording of warrant adjustments, and (3) accounting for Public-Private Investment Fund (PPIF) equity distributions."

A letter report issued by the Government Accountability Office with an abstract that begins "DHS's and the Coast Guard did not meet the SAFE Port Act's requirement that IOCs be established at high-priority ports by October 2009, in part because the Coast Guard was not appropriated funds to establish the IOCs until 14 months after enactment of the law, and the definition of an IOC was evolving during this period. However, the Coast Guard plans to establish IOCs at all 35 of its sectors. According to the Coast Guard's analysis of sector status reports, none of its sectors have achieved IOCs with full operating capability. According to the Coast Guard’s Chief of IOC Implementation, as well as its Information Sharing Executive Agent, continued support is needed from DHS to increase port-partner participation and the success of the IOC initiative. DHS has recently begun to support efforts to increase port-partner participation and further IOC implementation, such as facilitating the review of an IOC management directive. It is too early to determine, though, if and when IOCs will achieve their intended goal of sharing information and coordinating operations with port partners."