SIGTARP to Audit PPIP Fund Manager Selection, Conflict of Interest Procedures

This story appeared in Bank Digest.

Special Inspector General for the Troubled Asset Relief Program Neil Barofsky has announced two audits. The first, an audit of the internal controls in place for the Treasury Department and the Public-Private Investment Fund, will examine the mitigation of conflicts of interest and fund managers' compliance with internal control requirements. The second, an audit of the process used by the Treasury to select PPIP fund managers, will look at the selection criteria used, the consistency with which those criteria were applied, the Treasury's compliance with appropriate regulations and its efforts to prevent conflicts of interest.