Financial Audit:

Senate Restaurants Revolving Fund for Fiscal Years 2008 and 2007

GAO-09-409: Published: May 29, 2009. Publicly Released: May 29, 2009.

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This report discusses audits of the financial statements of the U.S. Senate Restaurants Revolving Fund (the Fund) for the fiscal years ended September 30, 2008, and 2007. Specifically, we contracted with the independent public accounting firm of Clifton Gunderson LLP. The contract required that the audit be conducted in accordance with U.S. generally accepted government auditing standards and the joint GAO/President's Council on Integrity and Efficiency (PCIE) Financial Audit Manual.

In its audit of the Fund, Clifton Gunderson LLP reported that: (1) The financial statements were presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles. (2) There were three significant deficiencies in internal control over financial reporting (including safeguarding assets) as of September 30, 2008. (3) There was no reportable noncompliance in fiscal year 2008 with selected provisions of laws and regulations it tested. In planning and performing the audits of the Fund's fiscal years 2008 and 2007 financial statements, Clifton Gunderson LLP considered the Fund's internal control over financial reporting and compliance. Clifton Gunderson LLP did this to determine its procedures for auditing the financial statements, not to express an opinion on internal control over financial reporting and compliance. Clifton Gunderson LLP identified certain deficiencies in internal control over financial reporting (including safeguarding assets) that it considers to be significant deficiencies which adversely affect the Fund's ability to meet internal control objectives described in the Standards for Internal Control in the Federal Government. Clifton Gunderson LLP reported that it did not consider these significant deficiencies to be material weaknesses. However, Clifton Gunderson LLP reported that misstatements may nevertheless occur in other financial information reported by the Fund as a result of these internal control deficiencies.

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