Report: Independent Audit of the EPA’s Fiscal Years 2024 and 2023 (Restated) Consolidated Financial Statements

Report # 25-F-0010, November 15, 2024

Why We Did This Report

We performed this audit in accordance with the Chief Financial Officers Act of 1990, as codified at 31 U.S.C. § 3521(e), which requires the U.S. Environmental Protection Agency Office of Inspector General to audit the financial statements prepared by the Agency each year.
 

Summary of Findings

We rendered an unmodified opinion on the EPA’s consolidated financial statements for fiscal years 2024 and 2023 (restated), meaning that they were fairly presented and free of material misstatement. However, we noted three material weaknesses and one significant deficiency. The most concerning material weakness the OIG identified is that the EPA used an existing rebate transaction type that was established to record the Clean School Bus rebate payments. This resulted in $828 million of rebate payments being recorded as expenses instead of advances.

Report Materials

• At a Glance (pdf) (207 KB)
• Full Report - 25-F-0011 (pdf) (1.37 KB)
• The EPA OIG Identifies Concerns with IIJA Clean School Bus Program Funding in EPA Financial Statements