Financial Audit: Congressional Award Foundation's Financial Statements
for 1992, 1991, and 1990 (Letter Report, 07/14/94, GAO/AIMD-94-87).

GAO audited the Congressional Award Foundation's financial statements
for 1992, 1991, and 1990. The Foundation was established to promote
achievement among youth in public service, personal development, and
physical fitness. GAO found that the financial statements were reliable
in all material respects; that internal controls ensured material
compliance with laws and regulations, but were ineffective as of
December 31, 1992, in ensuring that no material misstatements were in
the financial statements and in safeguarding assets; and there was no
material noncompliance with laws and regulations. GAO's last report
(GAO/AIMD-92-80) noted that the Foundation's ability to overcome
lingering internal control problems depended on its ability to hire or
gain access to more staff with financial management expertise. The
Foundation later secured the pro bono service of a major accounting firm
to help with financial management. The accounting firm's work began in
January 1993, after the end of the period covered by the financial
statements. These weaknesses in internal controls may adversely affect
any decision by management that is based on information that may be
inaccurate because of the weaknesses. Unaudited information reported by
the Foundation, including budget information, also may contain
misstatements resulting from these weaknesses.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  AIMD-94-87
     TITLE:  Financial Audit: Congressional Award Foundation's Financial 
             Statements for 1992, 1991, and 1990
      DATE:  07/14/94
   SUBJECT:  Financial statement audits
             Financial management
             Internal controls
             Financial records
             Funds management
             Accounting procedures
             Foundations (organizations)
             Compliance
             Financial disclosure reporting

             
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