Audit Report 15-03: Independent Auditors’ Report on the SBA’s FY 2014 Special-Purpose Financial Statements

On November 18, 2014, the OIG issued Audit Report 15-03, Independent Auditors’ Report on the SBA’s FY 2014 Special-Purpose Financial Statements. We contracted with the independent certified public accounting firm KPMG LLP (KPMG) to audit the U.S. Small Business Administration’s (SBA) reclassified balance sheet as of September 2014 and 2013, and the reclassified statements of net costs and changes in net position and Federal trading partner note (referred to as special-purpose financial statements) for fiscal year (FY) 2014, ending September 30, 2014.  The independent auditor performed the audit in accordance with the Office of Management and Budget Circular No. A-136, Financial Reporting Requirements, and the Treasury Financial Manual, Part 2, Chapter 4700 (TFM 2-4700).

The independent auditor’s report presents an unmodified opinion on the SBA’s special-purpose and consolidated financial statements for FY 2014.  Specifically, KPMG reported that the statements, including the Federal trading partner note, present the SBA’s financial position for FY 2013 and 2014 fairly in all material respects.  Also, the results of operations and the changes in net position for the period are in accordance with U.S. generally accepted accounting principles, and the presentation is in conformance with the requirements of TFM 2-4700.