Audit of the Millennium Challenge Corporation’s Financial Statements, Internal Controls, and Compliance

OFFICE OF INSPECTOR GENERAL for the Millennium Challenge Corporation AUDIT OF THE MILLENNIUM CHALLENGE CORPORATION’S FINANCIAL STATEMENTS, INTERNAL CONTROLS, AND COMPLIANCE FOR THE PERIOD ENDING SEPTEMBER 30, 2007 AND 2006 AUDIT REPORT NO. M-000-08-001-C November 9, 2007 WASHINGTON, DCOffice of Inspector General for the Millennium Challenge Corporation November 9, 2007 The Honorable John J. Danilovich Chief Executive Officer Millennium Challenge Corporation 875 15th Street, NW Washington, DC 20005-2203 Subject: Audit of the Millennium Challenge Corporation’s Financial Statements, Internal Controls, and Compliance for the Period Ending September 30, 2007 and 2006 Report No. M-000-08-001-C Dear Mr. Ambassador: Enclosed is the final report on the subject audit. The Office of Inspector General (OIG) contracted with the independent certified public accounting firm of Williams Adley & Company, LLP to audit the financial statements of the Millennium Challenge Corporation (MCC) for the period ending September 30, 2007. The contract required that the audit be performed in accordance with United States Generally Accepted Government Auditing Standards, Office of Management and Budget (OMB) Bulletin 07-04, Audit Requirements for Federal Financial Statements, and the GAO/PCIE Financial Audit Manual. In its audit of the MCC’s financial statements for the period ending September 30, 2007 the auditors found: • The financial statements were fairly ...