Audit of USAID’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 USAID’s financial statements for fiscal year 2024.  We had previously 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 year 2023.
• The audit objectives for Williams Adley were to: (1) express an opinion on whether the financial statements as of September 30, 2024, 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: Williams Adley concluded that USAID’s financial statements for fiscal year 2024 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 2024 with provisions of applicable laws, regulations, contracts, and grant agreements.
• The audit firm found no material weaknesses in internal control over financial reporting in fiscal year 2024 but found two significant deficiencies pertaining to personnel and payroll actions (modified repeat finding) and lease reporting.
• For USAID’s fiscal year 2023 financial statements, GKA issued a report dated November 6, 2023, expressing an unmodified opinion meaning that the financial statements are presented fairly, in all material respects, and in accordance with U.S. generally accepted accounting principles.

Why It Matters

• These audits help meet the Act’s intent of providing a more effective, efficient, and responsive government.
• We are making nine recommendations to address the internal control deficiencies identified in the fiscal year 2024 report.  USAID agreed with all nine recommendations.