Financial Audit: Congressional Award Foundation's Fiscal Years 2007 and 2006 Financial Statements
Abstract
The Foundation's management is responsible for preparing the annual financial statements in conformity with U.S. generally accepted accounting principles;, establishing, maintaining, and assessing the Foundation s internal control to provide reasonable assurance that the Foundation s control objectives are met; and, complying with applicable laws and regulations. We are responsible for obtaining reasonable assurance about whether (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles and (2) management maintained effective internal control, the objectives of which are the following: " Financial reporting: Transactions are properly recorded, processed, and summarized to permit the preparation of financial statements in conformity with U.S. generally accepted accounting principles, and assets are safeguarded against loss from unauthorized acquisition, use, or disposition., Compliance with laws and regulations: Transactions are executed in accordance with laws and regulations that could have a direct and material effect on the financial statements. We are also responsible for testing compliance with selected provisions of laws and regulations that have a direct and material effect on the financial statements. In order to fulfill these responsibilities, we, examined, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessed the accounting principles used and significant estimates made by Foundation management; , evaluated the overall presentation of the financial statements and notes;
Document Details
- Document Type
- Technical Report
- Publication Date
- May 01, 2008
- Accession Number
- ADA481277
Entities
People
- Steven J. Sebastian
Organizations
- United States Government Accountability Office