Audit of Millennium Challenge Corporation’s (MCC’s) Financial Statements for Fiscal Years 2023 and 2022

Audit Report
Report Number

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 RMA Associates LLC (RMA) to conduct an audit of MCC’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 MCC’s internal control over financial reporting; and (3) determine whether MCC complied with applicable laws, regulations, contracts, and grant agreements.

What We Found

  • Opinion:  RMA concluded that MCC’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 related to a late annual compact audit.

Why It Matters

  • These audits help meet the Act’s intent of providing a more effective, efficient, and responsive government.
  • We made one recommendation to address the reported deficiency in internal control over financial reporting.



Enhance management monitoring processes to ensure Accountable Entities award audit service contracts to meet the compact audit requirement, as updated and documented by MCC and the Accountable Entity.

Questioned Cost
Funds for Better Use