Audit of USADF'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 USADF’s financial statements for fiscal years ending 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 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 as of September 30, 2024, and September 30, 2023, 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 with provisions of applicable laws, regulations, contracts, and grant agreements.
• The audit firm found no material weaknesses in internal control over financial reporting but found deficiencies in the internal controls over the Funds Held Outside of Treasury process. We collectively identified these deficiencies as a reportable significant deficiency.

Why It Matters

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