The Social Security Administration’s Financial Reporting for Fiscal Year 2024

The Office of the Inspector General contracted with the independent certified public accounting firm Ernst & Young LLP to audit (1) the Social Security Administration’s (SSA) financial statements as of September 30, 2024 and 2023 and the related notes to the financial statements; (2) the sustainability financial statements, including the statements of social insurance as of January 1, 2024 and 2023 and the related notes to the sustainability financial statements; and (3) the statements of changes in social insurance amounts for the periods January 1, 2023 to January 1, 2024 and January 1, 2022 to January 1, 2023. We also contracted with Ernst & Young to provide an opinion on internal control over financial reporting and report on compliance and other matters. The contract requires that the audit be conducted in accordance with auditing standards generally accepted in the United States; Government Auditing Standards issued by the Comptroller General of the United States; and Office of Management and Budget (OMB) Bulletin No. 24-02, Audit Requirements for Federal Financial Statements. Those Standards and Bulletin require that Ernst & Young plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement and whether effective internal control over financial reporting was maintained in all material respects.