AUDIT OF USAID RUSSIA’S DEVELOPMENT CREDIT AUTHORITY

OFFICE OF INSPECTOR GENERALAUDIT OF USAID/RUSSIA’S DEVELOPMENT CREDIT AUTHORITY AUDIT REPORT NO. 8-118-06-002-P May 22, 2006 FRANKFURT, GERMANY Office of Inspector General May 22, 2006 MEMORANDUM TO: USAID/Russia Mission Director, Terry Myers FROM: Regional Inspector General/Frankfurt, Gerard M. Custer /s/ SUBJECT: Audit of USAID/Russia’s Development Credit Authority (Report No. 8-118-06-002-P) This memorandum transmits our final report on the subject audit. In finalizing the report, we considered your comments on the draft report and have included them in their entirety as Appendix II. The report contains three recommendations. In your written comments, you concurred with all three recommendations and described actions the Mission plans to take to address the auditors’ concerns. Based on your comments, management decisions have been reached for Recommendations Nos. 1 and 2 and final action has been taken for Recommendation No. 3. Please coordinate final action for Recommendations Nos. 1 and 2 with USAID’s Bureau for Management, Office of the Chief Financial Officer, Audit Performance and Compliance Division (M/CFO/APC). I want to express my sincere appreciation for the cooperation and courtesies extended to my staff during this audit. U.S. Agency for International Development Giessener Str. 30 60435 Frankfurt Germany CONTENTS Summary of Results .......................................................................................... ...