Why We Did This Audit
The Office of Inspector General (OIG) conducted an audit report on the U.S. African Development Foundation’s (USADF) financial statements for fiscal year (FY) 2025. The Office of Inspector General performed the audit in accordance with generally accepted government auditing standards and Office of Management and Budget Bulletin No. 24-02, Audit Requirements for Federal Financial Statements.
Our audit objectives were to: (1) express an opinion on whether the financial statements as of September 30, 2025, were presented fairly, in all material respects; (2) evaluate USADF’s internal controls over financial reporting; and (3) determine whether USADF complied with applicable laws, regulations, contracts, and grant agreements.
What We Found
We were unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion because USADF’s staff were placed on administrative leave without access to key financial systems.
We identified three material weaknesses in internal controls over financial reporting. In addition, we noted four instances of reportable noncompliance with applicable laws, regulations, contracts, and grant agreements.
Why It Matters
The report contains 13 recommendations to improve USADF’s management processes for FY 2025. The report also contains three open recommendations from our FY 2024 audit.
Presenting financial statements fairly in all material respects, having internal controls over financial reporting, and complying with applicable laws, regulations, contracts, and grant agreements are vital steps in ensuring that USADF spent, kept track, and reported taxpayer dollars as Congress intended.