Audit of the Corporation for National and Community Service’s (CNCS) Fiscal Year 2018 Consolidated Financial Statements
For the second year in a row, an independent audit of CNCS’s consolidated Fiscal Year 2018 financial statements resulted in a disclaimer of opinion, the worst possible outcome for a financial statement audit. CNCS did not cure the four material weaknesses and one significant deficiency identified in the FY 2017 audit. This year, the auditors reported six additional material weaknesses and another significant deficiency.
In layman’s terms, the financial statements were unauditable and likely subject to pervasive material errors.