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	Cover Letter Summary of Results Background Audit Objective Report on USAID's Financial Statements Report on Internal Control Controls Over Interagency Reporting Accounting for Loans Receivable Reporting on Foreign Currency Information Intragovernmental Transactions Reconciliations of Fund Balance with Treasury Report on Compliance with Laws and Regulations Evaluation of Management Comments Appendix I - Scope and Methodology Appendix II - Management Comments Appendix III - Status of Prior Year Findings and Recommendations
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Independent Auditor's Report – Evaluation of Management Comments

We have received USAID’s management comments to the findings and recommendations included in our draft report. We have evaluated USAID management comments on the recommendations and have reached management decisions on all of the recommendations. The following is a summary of USAID’s management comments and our evaluation of those comments.

USAID management agreed to implement Recommendation No. 1 and will proceed to elevate issues of noncompliance in instances where other federal agencies have not provided USAID with correct and timely financial information. The target completion date is March 31, 2008.

USAID management agreed to implement Recommendation No. 2 and will work to ensure that an update and validation of transaction codes used by its loan service provider will be completed in the USAID transaction table by the target completion date of March 31, 2008.

USAID management has agreed to implement Recommendation No. 3 and will take steps to ensure that USAID does not record loan subsidies prior to its receipt of subsidy funds by the Department of Treasury and prior to the transfer of an appropriation approved by OMB. The target completion date is March 31, 2008.

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