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	Cover Letter Summary of Results Background Audit Objective Report on USAID's Financial Statements Report on Internal Control Accruals Reporting System Process for Reconciling Fund Balance with the U.S. Treasury Intragovernmental Transactions Controls Over Treasury Symbols Need Improvement Process for Accumulating Foreign Currency Information Support/Quality of Data Used in the MD&A Need Improvement Report on Compliance with Laws and Regulations Account De-obligation and Closing Processes Need Improvement Lease Obligation Antideficiency Act Violations Evaluation of Management Comments Appendix I - Scope and Methodology Appendix II - Management Comments Appendix III - Status of Prior Year Findings and Recommendations
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Independent Auditor's Report – Background

The United States Agency for International Development (USAID) was created in 1961 to advance the United States’ foreign policy interests by promoting broad-based sustainable development and providing humanitarian assistance. USAID has an overseas presence in approximately 90 countries, almost 50 of which have controller operations. In fiscal year 2006, USAID had total budgetary resources of $14.5 billion.

Under the Government Management Reform Act of 1994, USAID is required to annually submit audited financial statements to the Office of Management and Budget (OMB) and the U.S. Treasury. Pursuant to this Act, for fiscal year 2006, USAID has prepared the following:

• Consolidated Balance Sheets,
• Consolidated Statements of Changes in Net Position,
• Consolidated Statements of Net Cost,
• Combined Statements of Budgetary Resources,
• Consolidated Statements of Financing,
• Notes to the principal financial statements,
• Other Required Supplementary Information, and
• Management's Discussion and Analysis.

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