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Report | Jan. 8, 2025

Project Announcement: Oversight of the Audit of the FY 2025 Department of the Navy Working Capital Fund Financial Statements (Project No. D2025-D000FS-0060.000)

Audit

The purpose of this memorandum is to inform you of our planned oversight that will
begin immediately. The Chief Financial Officers Act of 1990, as amended, requires this audit.
In accordance with the Act, the DoD Office of Inspector General is the principal auditor for the
Department of the Navy (DON) Working Capital Fund Financial Statements. We contracted
with the independent public accounting firm of Ernst & Young, LLP (EY) to audit the DON
Working Capital Fund Financial Statements as of and for the fiscal years ending September 30,
2025, and September 30, 2024. The objective of EY’s audit is to determine whether the FY 2025
DON Working Capital Fund Financial Statements and related notes are presented fairly and in
conformity with accounting principles generally accepted in the United States of America. The
objective of our project is to provide contract oversight of EY’s audit and determine whether EY
complied with the contract and generally accepted government auditing standards. We will
execute the contractor’s audit procedures associated with reviews of transactions and facilities
that are Special Access Programs and TOP SECRET/Sensitive Compartmented Information and
provide an unclassified version of the results of our review to EY to use in developing its overall
audit conclusions.