Audit Results
In the Office of Inspector General’s (OIG) opinion, USAID’s consolidated balance sheets, consolidated statements of changes in net position, consolidated statements of net cost, combined statements of budgetary resources, and consolidated statements of financing present fairly, in all material respects, the financial position of USAID as of September 30, 2006 and 2005; and its net cost, net position, and budgetary resources for the years then ended are in conformity with generally accepted accounting principles.
The audit identified one material internal control weakness and five reportable conditions. The material internal control weakness relates to USAID’s accounting and reporting of accruals.
The reportable conditions relate to USAID’s:
- Reconciliations of its fund balance with the U.S. Treasury
- Intragovernmental reconciliations
- Controls over Treasury symbols
- Accounting for foreign currency transactions
- Management’s Discussion and Analysis data
The results of the OIG’s tests indicate that USAID substantially complied with Federal financial management systems requirements, accounting standards, and the U.S. Standard General Ledger at the transaction level, as required by Section 803(a) of the Federal Financial Management Improvement Act (FFMIA). The OIG’s report on compliance identifies areas for improvement over several financial system processes, not affecting substantial compliance, and two Antideficiency Act violations.
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