Audit of USADF’s Financial Statements for Fiscal Years 2023 and 2022

Audit Report
Report Number
0-ADF-24-003-C

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 USADF’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 USADF’s internal control over financial reporting; and (3) determine whether USADF complied with applicable laws, regulations, contracts, and grant agreements.

What We Found

  • Opinion: Williams Adley concluded that USADF’s financial statements are presented fairly, in all material respects, and in conformity with U.S. generally accepted accounting principles.

  • The audit firm found no material weaknesses in internal control over financial reporting.

  • The audit firm also found no reportable noncompliance for fiscal year 2023 with provisions of applicable laws, regulations, contracts, and grant agreements. 

Why It Matters

  • These audits help meet the Act’s intent of providing a more effective, efficient, and responsive government.

Recommendations