FEC -- Audit of the Prompt Payment Act: Executive Summary

Federal Election Commission

Office of Inspector General -- Audit Report

Audit of the Prompt Payment Act: Executive Summary

December 6, 1993

If you require the entire printed version of the audit report, contact the Office of Inspector General, Federal Election Commission, 1050 First Street NE, Washington, DC 20463 or call Dorothy Maddox-Holland, Special Assistant, phone: (202) 694-1015, fax: (202) 501-8134, or e-mail: dmaddox@fec.gov.
Executive Summary

The Prompt Payment Act, Public Law 100-496, as amended, requires that vendor payments be made within 30 days of the receipt of a valid invoice or the receipt and acceptance of goods or services, whichever is later, unless otherwise specified by contract. The Act required OMB to issue regulations, contained in Circular A-125, implementing the provisions of The Act. The primary objectives of this audit were to evaluate the FEC's payment performance, the status of payment controls, and compliance with the provisions of OMB Circular A-125 "Prompt Payment Act" (eff. April 1, 1989), and OMB Circular A-123 "Management Controls" (revised, draft January 29, 1993). Results of our audit effort indicate that overall, FEC's Payroll and Accounting Office (PAO) is complying with the requirements of the Prompt Payment Act and related requirements.