Patient-Centered Outcomes Research Institute:
Review of the Audit of the Financial Statements for 2014 and 2013
GAO-15-395R: Published: Mar 27, 2015. Publicly Released: Mar 27, 2015.
What GAO Found
GAO found that the independent public accountant’s (IPA) audit of the Patient-Centered Outcomes Research Institute’s (PCORI) 2014 and 2013 financial statements was performed in accordance with professional standards, in all material respects. PCORI’s IPA provided an unmodified audit opinion on its 2014 and 2013 financial statements and found that PCORI’s financial statements were presented fairly, in all material respects. Further, the IPA did not identify any deficiencies in internal control that it considered to be material weaknesses nor any reportable noncompliance with the selected provisions of laws, regulations, contracts, and grant agreements it tested. PCORI did not disagree with the IPA report’s conclusions.
GAO provided a draft of its report to PCORI and PCORI’s IPA for review and comment. In response, PCORI’s management and PCORI’s IPA had no comments in regard to the report.
Why GAO Did This Study
This report presents the results of GAO’s review of the PCORI 2014 and 2013 financial statement audit. PCORI was created in 2010 by the Patient Protection and Affordable Care Act (PPACA) as a federally funded, nonprofit corporation that is neither an agency nor establishment of the United States government. According to PPACA, PCORI’s purpose is to assist patients, clinicians, purchasers, and policymakers in making informed health decisions by advancing the quality and relevance of evidence concerning the manner in which diseases, disorders, and other health conditions can effectively and appropriately be prevented, diagnosed, treated, monitored, and managed through research and evidence synthesis.
PPACA requires PCORI to obtain an annual financial statement audit from a private entity with expertise in conducting financial audits, and requires the Comptroller General of the United States to annually perform a review of the audit of PCORI’s financial statements and report the results of the review to the Congress. GAO’s objective was to determine whether the audit of PCORI’s 2014 and 2013 financial statements was conducted in accordance with U.S. generally accepted government auditing standards, in all material respects. To satisfy this objective, GAO reviewed the IPA’s audit report, PCORI’s 2014 and 2013 audited financial statements, the IPA’s report on internal control over financial reporting and on compliance, the IPA’s audit documentation, and the IPA’s professional qualifications. GAO also met with IPA representatives and PCORI management officials.
For more information, contact J. Lawrence Malenich at (202) 512-3406 or firstname.lastname@example.org.