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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 on USAID's Financial Statements

We have audited the accompanying consolidated balance sheets of USAID as of September 30, 2006 and 2005, and the consolidated statements of changes in net position, consolidated statements of net cost, combined statements of budgetary resources, and consolidated statements of financing of USAID for the years ended September 30, 2006 and 2005.

We conducted our audits in accordance with auditing standards generally accepted in the United States; Government Auditing Standards issued by the Comptroller General of the United States; and the Office of Management and Budget (OMB) Bulletin No. 06-03. Audit Requirements for Federal Financial Statements. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, in conformity with U.S. generally accepted accounting principles, USAID’s assets, liabilities, and net position; net costs; changes in net position; budgetary resources; and reconciliation of net costs to budgetary resources as of September 30, 2006 and 2005 and for the years then ended.

Management’s Discussion and Analysis, Required Supplementary Information, and other accompanying information contain a wide range of data, some of which are not directly related to the financial statements. We do not express an opinion on this information. However, we compared this information for consistency with the financial statements and discussed the methods of measurement and presentation with USAID officials. Based on this limited work, we found no material inconsistencies with the financial statements or nonconformance with OMB guidance.

In accordance with Government Auditing Standards, we have also issued our reports, dated November 15, 2006, on our consideration of USAID’s internal control over financial reporting and on our tests of USAID’s compliance with certain provisions of laws and regulations. These reports are an integral part of an overall audit conducted in accordance with Government Auditing Standards and should be read in conjunction with this report.

USAID, Office of Inspector General
November 15, 2006

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