Audit of MCC’s Financial Statements for Fiscal Years 2021 and 2020

We contracted with the independent certified public accounting firm of RMA Associates LLC (RMA) to conduct an audit of the Millennium Challenge Corporation’s (MCC’s) financial statements for fiscal year 2021. The audit objectives were to: (1) express an opinion on whether the financial statements as of September 30, 2021, were presented fairly, in all material respects; (2) evaluate MCC’s internal control over financial reporting; and (3) determine whether MCC complied with applicable laws, regulations, contracts, and grant agreements. The financial statements of MCC as of September 30, 2020, were audited by CliftonLarsonAllen LLP, whose report dated November 13, 2020, expressed an unmodified opinion on those financial statements. RMA concluded that MCC’s financial statements for the fiscal year ending September 30, 2021, are presented fairly, in all material respects, and in conformity with U.S. generally accepted accounting principles. RMA found no reportable noncompliance for fiscal year 2021 with provisions of applicable laws, regulations, contracts, and grant agreements. The audit firm found no material weaknesses but reported one significant deficiency related to MCC oversight and internal control over the Millennium Challenge Accounts’ financial reporting (modified repeat finding). We made six recommendations to address the deficiency.