Financial Audit:

Congressional Award Foundation's Financial Statements for the Fiscal Year Ended September 30, 1994

AIMD-95-172: Published: Aug 11, 1995. Publicly Released: Aug 11, 1995.

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Pursuant to a legislative requirement, GAO audited the Congressional Award Foundation's financial statements and assessed the effectiveness of the Foundation's internal controls as of September 30, 1994.

GAO found that: (1) the financial statements were reliable in all material respects; (2) the internal controls in place on September 30, 1994, were effective in safeguarding assets from material loss, ensuring material compliance with laws and regulations, and ensuring that there were no material misstatements in the financial statements; and (3) there was no reportable noncompliance with the laws and regulations that were tested.

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