Audit of IAF's Financial Statements for Fiscal Years 2024 and 2023

Why We Did This Audit 

• The Government Management Reform Act of 1994 (the Act) 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 2024 and 2023.
• The audit objectives were to: (1) express an opinion on whether the financial statements as of September 30, 2024, and September 30, 2023, 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

• Opinion: Williams 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 found no material weaknesses in internal control over financial reporting.
• The audit firm also found no reportable noncompliance for fiscal year 2024 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.