Finance

Overview of the FY 2020 Monetary Assertion Audit

What GAO Discovered

Primarily based on the restricted procedures GAO carried out in reviewing the impartial public accountant’s (IPA) audit of the Congressional Award Basis’s fiscal yr 2020 monetary statements, GAO didn’t establish any important points that it believes require consideration. Had GAO carried out extra procedures, different issues might need come to its consideration that it might have reported. The IPA supplied an unmodified audit opinion on the Basis’s fiscal yr 2020 monetary statements. Particularly, the IPA discovered that the Basis’s monetary statements have been offered pretty, in all materials respects, in accordance with U.S. usually accepted accounting rules. Additional, for fiscal yr 2020, the IPA didn’t establish any (1) deficiencies that it thought-about to be materials weaknesses within the Basis’s inner management over monetary reporting or (2) cases of reportable noncompliance or different issues because of its checks of the Basis’s compliance with sure provisions of legal guidelines, rules, contracts, and grant agreements. The Basis concurred with the IPA’s conclusions.

GAO’s evaluation of the Basis’s fiscal yr 2020 monetary assertion audit, as differentiated from an audit of the monetary statements, was not supposed to allow GAO to specific, and it doesn’t categorical, an opinion on the Basis’s monetary statements or conclude on the effectiveness of its inner management over monetary reporting. Moreover, GAO doesn’t categorical an opinion on the Basis’s compliance with provisions of relevant legal guidelines, rules, contracts, and grant agreements. The IPA is accountable for its stories on the Basis dated April 6, 2021, and the conclusions expressed therein.

GAO supplied a draft of this report back to the Basis and the IPA for evaluation and remark. The Basis’s Nationwide Director and the IPA’s Audit Principal every replied in emails that they’d no feedback on the draft report. 

Why GAO Did This Research

This report presents the outcomes of GAO’s evaluation of the Basis’s fiscal yr 2020 monetary assertion audit. The Congressional Award Act established the Congressional Award Board to hold out a program to advertise excellence among the many nation’s youth within the areas of public service, private growth, bodily health, and expedition or exploration. The Board created the Basis as a nonprofit company to help in finishing up this program. The Congressional Award Act, as amended by the Authorities Studies Elimination Act of 2014, requires the Basis to acquire an annual monetary assertion audit from an IPA. The act additionally requires GAO to evaluation the audit and report the outcomes to the Congress yearly. GAO’s goal was to evaluation the audit of the Basis’s fiscal yr 2020 monetary statements. To fulfill this goal, GAO (1) learn and thought of numerous paperwork with respect to the IPA’s independence, objectivity, and {qualifications}; (2) analyzed key IPA audit documentation; (3) learn the Basis’s fiscal yr 2020 monetary statements, the IPA’s audit report on the Basis’s monetary statements, and the IPA’s report on inner management over monetary reporting and on compliance or different issues primarily based on its audit; and (4) met with IPA representatives and Basis administration officers. 

For extra info, contact Beryl H. Davis at (202) 512-2623 or davisbh@gao.gov.

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