Congressional Award Foundation:
Review of the Audit of the Financial Statements for Fiscal Year 2017
GAO-18-465R: Published: May 24, 2018. Publicly Released: May 24, 2018.
What GAO Found
Based on the limited procedures GAO performed in reviewing the independent public accountant's (IPA) financial audit of the Congressional Award Foundation's (Foundation) fiscal year 2017 financial statements, GAO did not identify any significant issues related to the financial statement audit that it believes require attention. Had GAO performed additional procedures, other matters might have come to its attention that GAO would have reported. The IPA provided an unmodified audit opinion on the Foundation's fiscal years 2017 and 2016 financial statements. Specifically, the IPA found that the Foundation's financial statements were presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles. Further, for fiscal year 2017, the IPA did not identify any deficiencies in internal control over financial reporting that it considered to be material weaknesses or any reportable noncompliance with selected provisions of laws, regulations, contracts, and grant agreements it tested. The Foundation did not disagree with the IPA report's conclusions.
GAO provided a draft of its report to the Foundation and the IPA for review and comment. The Foundation's National Director and Audit Chairman stated in an email that the Foundation was pleased that GAO found no significant issues related to the IPA's audit of its fiscal year 2017 financial statements. In addition, the IPA provided its views through email, in which the IPA's Audit Principal stated that the IPA had no comments on the report.
Why GAO Did This Study
This report presents the results of GAO's review of the financial audit of the Foundation's fiscal year 2017 financial statements. The Congressional Award Act established the Congressional Award Board to carry out a program to promote excellence among the nation's youth. The Foundation was created to assist the Congressional Award Board in carrying out this program. The Congressional Award Act, as amended by the Government Reports Elimination Act of 2014, requires the Foundation to obtain an annual financial statement audit from an IPA. It also requires the Comptroller General of the United States to annually review the audit of Foundation's financial statements and report the results to the Congress. GAO's objective was to review the financial audit of the Foundation's fiscal year 2017 financial statements. To satisfy this objective, GAO performed the following procedures: (1) read and considered various documents relating to the IPA's independence, objectivity, and qualifications; (2) analyzed key IPA audit documentation; (3) read the Foundation's fiscal years 2017 and 2016 financial statements, the IPA's audit report on such financial statements, and the IPA's report on internal control over financial reporting and on compliance; and (4) met with IPA representatives and Foundation management officials.
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