As the Department of Defense is the cognizant Federal agency for the RAND Corporation, we performed a quality control review of the PricewaterhouseCoopers LLP (PwC) single audit report and supporting audit documentation for the audit period of September 29, 2014, through September 27, 2015. Our objective was to determine whether the single audit was conducted in accordance with generally accepted government auditing standards, generally accepted auditing standards, and the requirements of the Office of Management and Budget (OMB) Circular A-133, “Audits of States, Local Governments, and Non-Profit Organizations.” Appendix A contains additional details on our scope and methodology and identifies prior coverage. Appendix B lists the compliance requirements that PwC determined to be applicable to the audit period ended September 27, 2015.
The RAND Corporation (RAND) is a nonprofit, tax-exempt corporation performing research and analysis to improve public policy and decision making on issues involving energy, education, health, justice, the environment, and international and military affairs. RAND is funded by government agencies, foundations, and private-sector firms primarily through contracts, grants, and contributions. During FY 2015, RAND expended $236 million in Federal awards, of which, RAND expended $235 million on one program, the research and development cluster. Of the $235 million, $146 million was expended for Department of Defense awards. RAND engaged PwC to perform the FY 2015 single audit.
PwC, a member firm of PricewaterhouseCoopers International Limited, provides a wide array of business services, including audit and assurance, business and Government consulting, and tax preparation and planning. PwC maintains its own system of internal quality control over its accounting and auditing practices as required by the American Institute of Certified Public Accountants. PwC’s office in Los Angeles, California, performed RAND’s FY 2015 single audit.
This report is a result of Project No. D2017-DAPOSA-0026.000.