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GAO discussed its review of an independent certified public accountant's audit of the Civic Achievement Award Program. GAO found that: (1) the Program's only asset was a $580,734 receivable due from the Library of Congress for reimbursement for incurred expenses; (2) its primary liability of $568,224 represented the amount due for financing the program's operating expenses and included salaries of $141,553, capital expenditures of $140,903, and professional services of $78,123; and (3) the program's financial statements presented fairly its financial position as of September 30, 1988 and 1987, and the results of its operations, in conformity with generally accepted accounting principles.

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