Federal Reports

As required by the Accountability of Tax Dollars Act of 2002, the Peace Corps prepared its financial statements and subjected them to audit in accordance with the Office of Management and Budget (OMB) Circular No. A-136, Financial Reporting Requirements. Peace Corps OIG contracted with Williams, Adley & Company-DC LLP, an independent certified public accounting firm, to audit the Peace Corps’ financial statements as of September 30, 2023. The audit was conducted in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Generally Accepted Accounting Principles, issued by the Comptroller General of the United States; and OMB Bulletin No. 24-01, Audit Requirements for Federal Financial Statements.

In accordance with the Reports Consolidation Act of 2000, the OIG reports annually on the most serious management and performance challenges the Department faces. For FY 2024, we identified seven management challenges for the Department: (1) Implementing pandemic relief laws for elementary and secondary education; (2) Implementing pandemic relief laws for higher education; (3) Oversight and monitoring of student financial assistance programs; (4) Oversight and monitoring of grantees; (5) Data quality and reporting; (6) Improper payments, and (7) Information technology security. The report includes a summary of each challenge, a brief assessment of the Department’s progress in addressing each challenge, and shares information on further actions that, if properly implemented, could enhance the effectiveness of the Department’s programs and operations.