Audit of IAF’s Financial Statements for Fiscal Years 2022 and 2021

Why We Did This Audit

• The Government Management Reform Act of 1994 requires annual audits of the financial statements for the agencies we oversee.
• We contracted with the independent certified public accounting firm of Williams, Adley & Company-DC LLP (Williams Adley) to conduct an audit of IAF’s financial statements for fiscal years 2022 and 2021.
• The audit objectives were to: (1) express an opinion on whether the financial statements as of September 30, 2022 and 2021, were presented fairly, in all material respects; (2) evaluate IAF’s internal control over financial reporting; and (3) determine whether IAF complied with applicable laws, regulations, contracts, and grant agreements.

What We Found

• Willams Adley concluded that IAF’s financial statements are presented fairly, in all material respects, and in conformity with U.S. generally accepted accounting principles.
• The audit firm did not identify any material weaknesses in internal control over financial reporting.
• The audit firm also found no reportable noncompliance for fiscal year 2022 with applicable laws, regulations, contracts, and grant agreements. 

Why It Matters

• These audits help ensure a more effective, efficient, and responsive government, in line with the Act. They provide a window into the financial conditions, internal control over financial reporting, and compliance of federal agencies like IAF. The audits also present an opportunity to recommend improvements, as needed.