The Western Area Power Administration’s Fiscal Year 2024 Financial Statements Audit
March 4, 2025
minute read time
February 27, 2025
The Western Area Power Administration’s Fiscal Year 2024 Financial Statements Audit
The attached report presents the results of the independent certified public accountants’ audit of the Western Area Power Administration’s (WAPA) balance sheets as of September 30, 2024, and 2023, and the related consolidated statements of net costs, changes in net position, and custodial activity, and combined statements of budgetary resources for the years then ended, and the related notes to the consolidated financial statements.
To fulfill the Office of Inspector General’s (OIG) audit responsibilities, we contracted with the independent public accounting firm of KPMG LLP (KPMG) to conduct the audit, subject to our review. KPMG is responsible for expressing an opinion on WAPA’s financial statements and reporting on applicable internal controls and compliance with laws and regulations. The OIG monitored audit progress and reviewed the audit report and related documentation. This review disclosed no instances where KPMG did not comply, in all material respects, with generally accepted government auditing standards. The OIG did not express an independent opinion on WAPA’s financial statements.
KPMG concluded that the financial statements present fairly, in all material respects, the financial position of WAPA as of September 30, 2024, and 2023, and its net costs, changes in net position, budgetary resources, and custodial activity for the years then ended in accordance with U.S. generally accepted accounting principles.
As part of this review, auditors also considered WAPA’s internal controls over financial reporting and tested for compliance with certain provisions of laws, regulations, contracts, and grant agreements that could have a direct and material effect on the financial statements. The audit did not identify any deficiency in internal control over financial reporting that is considered a material weakness.
The OIG issued Notices of Findings and Recommendations to management throughout the audit. All findings and recommendations will be detailed in a separate management letter that will be provided to WAPA. The audit disclosed no instances of noncompliance or other matters required to be reported under applicable audit standards and requirements.