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 GKA P.C. Certified Public Accountants and Consultants (GKA) to conduct an audit of USAID’s financial statements for fiscal years 2023 and 2022.
- The audit objectives were to: (1) express an opinion on whether the financial statements as of September 30, 2023 and 2022, were presented fairly, in all material respects; (2) evaluate USAID’s internal control over financial reporting; and (3) determine whether USAID complied with applicable laws, regulations, contracts, and grant agreements.
What We Found
- Opinion: GKA concluded that USAID’s financial statements are presented fairly, in all material respects, and in conformity with U.S. generally accepted accounting principles.
- The audit firm also found no reportable noncompliance for fiscal year 2023 with provisions of applicable laws, regulations, contracts, and grant agreements.
- The audit firm did not identify any material weaknesses in internal control over financial reporting but reported one significant deficiency repeated from the prior year related to USAID’s process for calculating and recording accrued expenses.
Why It Matters
- These audits help meet the Act’s intent of providing a more effective, efficient, and responsive government.
- We did not make any new recommendations to correct the reported significant deficiency repeated from the prior year as GKA determined that USAID has not completed the final action on the prior year’s recommendation.