What GAO Found
GAO found that the independent public accountant's (IPA) audit of the Patient-Centered Outcomes Research Institute's (PCORI) 2013 and 2012 financial statements was performed in accordance with professional standards, in all material respects. PCORI's IPA provided an unmodified audit opinion on its 2013 and 2012 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 2013 and 2012 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. PCORI's purpose is to assist patients, clinicians, purchasers, and policymakers in making informed health decisions. This is accomplished through 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.
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