Financial Statement Audit - Management Letter

OFFICE OF INSPECTOR GENERAL

EXPORT-IMPORT BANK of the UNITED STATES

Fiscal Year 2015 Financial Statement Audit -

Management Letter

February 12, 2016 OIG-AR-16-03

Information about specific vulnerabilities in IT systems has been redacted from the publicly released version of this report. The information withheld was compiled in connection with OIG law enforcement responsibilities and consists of information that, if released publicly, could lead to the circumvention of the law.

INSPECTOR GENERAL

EXPORT-IMPORT BANK of the UNITED STATES

To:

David Sena, Senior Vice President and Chief Financial Officer

Howard Spira, Chief Information Officer

From: Subject: Date:

Terry Settle Assistant Inspector General for Audits Fiscal Year 2015 Financial Statement Audit - Management Letter OIG-AR-16-03 February 12, 2016

This memorandum transmits Deloitte and Touche LLP's Management Letter related to the audit of the Export-Import Bank of the United States' (Ex-Im Bank) financial statements for the fiscal year ended 2015. Under a contract monitored by this office, we engaged the independent public accounting firm of Deloitte and Touche LLP to perform the audit. The contract required the audit to be performed in accordance with United States generally accepted government auditing standards and Office of Management and Budget Bulletin No. 15-02, Audit Requirements for Federal Financial Statements.

The Management Letter contains comments and recommendations related to internal control deficiencies and other matters. Deloitte and Touche LLP identified nine deficiencies in Ex-Im Bank's internal control over financial reporting. The nine internal control deficiencies noted in this report were not significant and therefore, the deficiencies were not required to be reported in the Ex-Im Bank's independent audit report. Deloitte and Touche LLP's observations and recommendations, and management's responses regarding such matters are presented in the Attachment.

Deloitte and Touche, LLP is responsible for the attached management letter dated December 29, 2015 and the conclusions expressed in the letter. We do not express opinions on Ex-Im Bank's financial statements, internal control, or conclusions on compliance with laws and regulations.

We appreciate the cooperation and courtesies provided to Deloitte and Touche LLP and this office during the audit. If you have questions, please contact Terry Settle, (202) 565-3498 or Terry.Settle@. You can obtain additional information about the Export-Import Bank Office of Inspector General and the Inspector General Act of 1978 at oig.

811 Vermont Avenue, N.W. Washington, D.C. 20571

cc: Fred P. Hochberg, Chairman and President

C.J. Hall, Executive Vice President Angela Freyre, General Counsel Audit Committee Nathalie Herman, Treasurer, Office of the Chief Financial Officer Patricia Wolf, Controller, Office of the Chief Financial Office John Lowry, Director, Information Technology Security and

Systems Assurance Inci Tonguch-Murray, Deputy Chief Financial Officer Duncan Barks, Partner, Deloitte and Touche LLP

December 29, 2015

Deloitte & Touche LLP

7900 Tysons One Place Suite 800 McLean. VA 22102-5971 USA

Tel: +1 703 251 1000 www

Mr. Michael McCarthy, Inspector General Export-Import Bank of the United States 811 Vermont Avenue NW Washington, D.C. 20571

Dear Mr. McCarthy:

We have performed an audit of the financial statements of the Export-Import Bank of the United States ("Ex-Im Bank" or the "Bank") as of and for the year ended September 30, 2015 (the "financial statements"), in accordance with auditing standards generally accepted in the United States of America, the standards applicable to the financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and Office of Management and Budget Bulletin No. 15-02, Audit Requirements for Federal Financial Statements (collectively, "generally accepted auditing standards") and have issued our report thereon dated November 12, 2015.

We have prepared the following comments to assist you in fulfilling your obligation to oversee the financial reporting and disclosure process for which management of Ex-Im Bank is responsible. These matters were communicated orally to Ms. Terry Settle, assistant inspector general, on November 12, 2015.

This report is intended solely for the information and use of the Office of Inspector General ("OIG"), management, and others within the organization and is not intended to be and should not be used by anyone other than these specified parties.

Yours truly,

cc: The management of Export-Import Bank of the United States

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