We contracted with the independent certified public accounting firm CliftonLarsonAllen LLP to conduct an audit of MCC’s financial statements for fiscal years 2017 and 2016. The audit firm concluded these financial statements were presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles. The audit firm found no instances of noncompliance with certain provisions of laws, regulations, contracts, and grant agreements.
The auditors reported two significant deficiencies in internal control related to grant accrual estimates and validation (modified repeat finding) and to Millennium Challenge Accounts’ financial reporting and compliance (new finding). To address the significant deficiencies identified in the report, the audit firm made, and OIG agreed with, eight recommendations. MCC’s management agreed with all eight.