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GAO Reports Deficiencies In DCAA Audit Reports

Client Alert | 1 min read | 09.24.09

After a review that was focused on DCAA offices that issued primarily "clean" opinions and reports, GAO concluded in testimony delivered to the Senate Committee on Homeland Security and Government Affairs on September 23 that there were serious quality problems in 65 of 69 DCAA audit report it reviewed (with minor problems in the other 4) and recommended measures to "strengthen" the role of DCAA in the process. Because of the admittedly biased sample used by GAO, the GAO report does not address or acknowledge quality problems in DCAA findings that are adverse to contractors, although GAO did note that DCAA's decision last year to report contractor systems as either "adequate" or "inadequate," eliminating "inadequate-in-part" findings, could unfairly penalize contractors that do not have material or serious deficiencies and recommended that DCAA seek "outside expertise" to develop audit policy and training on audit standards.

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Client Alert | 6 min read | 12.09.24

Eleven States Sue Asset Managers Alleging ESG Conspiracy to Restrict Coal Production

On November 27, 2024, a group of eleven state attorneys general (the “AGs”) sued three of the world’s largest asset managers (the “Asset Managers”), accusing them of anticompetitive stock acquisitions, deceptive asset management practices, and an antitrust conspiracy to restrict coal output. The states seek declaratory and injunctive relief including divestitures, as well as fines under state laws, although the allegations could provide a basis for follow-on private treble damages claims under the antitrust laws....