This audit was performed by the independent public accounting firm KPMG LLP (KPMG) on behalf of the Department of Energy Office of Inspector General. KPMG audited the balance sheet of the Department Nuclear Waste Fund (NWF), as of September 30, 2025, and the related statements of net cost, changes in net position, and budgetary resources for the year then ended.
The audit’s objective was to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that included an opinion.
KPMG performed the audit in accordance with generally accepted government auditing standards.
KPMG concluded that the financial statements present fairly, in all material respects, the financial position of the NWF as of September 30, 2025, and its net costs, changes in net position, and budgetary resources for the year ended, in accordance with U.S. generally accepted accounting principles.
As part of its review, KPMG also considered the NWF’s internal control over financial reporting and tested for compliance with certain provisions of laws, regulations, contracts, and grant agreements that could have a direct material effect on the financial statements. The review identified certain deficiencies in internal control that KPMG considered to be a significant deficiency as it related to internal controls over information technology systems. During testing of the NWF’s various financial systems, KPMG identified access control deficiencies associated with controls over provisioning of new or modified user access, recertification of existing user access, and terminating of user access. Furthermore, control deficiencies were identified over providing least privileged access and segregation of duties.
There were no formal recommendations for this particular review. As such, there was no formal response required.
