Financial Audit:

Congressional Award Foundation's 1998 and 1997 Financial Statements

AIMD-99-173: Published: May 14, 1999. Publicly Released: May 14, 1999.

Additional Materials:


Robert W. Gramling
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Pursuant to a legislative requirement, GAO reviewed the financial statements of the Congressional Award Foundation for the fiscal years ended September 30, 1998 and 1997, focusing on: (1) the Foundation management's assertions regarding the effectiveness of its internal controls as of September 30, 1998; and (2) GAO's evaluation of the Foundation's compliance with selected provisions of laws and regulations during fiscal year 1998.

GAO noted that: (1) the financial statements were reliable in all material respects; (2) the Foundation's management fairly stated that internal controls in place on September 30, 1998, were effective in safeguarding assets from material loss, assuring material compliance with relevant laws and regulations, and ensuring that there were no material misstatements in the financial statements; and (3) there was no reportable noncompliance with selected provisions of laws and regulations GAO tested for the fiscal year ended September 30, 1998.

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