Financial Audit:

Congressional Award Foundation's Fiscal Years 2010 and 2009 Financial Statements

GAO-11-597: Published: May 12, 2011. Publicly Released: May 12, 2011.

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This report presents our opinion on the financial statements of the Congressional Award Foundation (the Foundation) for the fiscal years ended September 30, 2010, and 2009. These financial statements are the responsibility of the Foundation. This report also presents the results of our consideration of the Foundation's internal control over financial reporting and the results of our tests of the Foundation's compliance during fiscal year 2010 with selected provisions of laws and regulations.

In our May 2010 report on the results of our audit of the Foundation's fiscal years 2009 and 2008 financial statements, we reported a material weakness in the Foundation's internal control over financial reporting. Specifically, we reported that the Foundation lacked sufficient and appropriate policies, procedures, and resources to prepare financial statements and accompanying notes accurately, completely, and in accordance with U.S. generally accepted accounting principles. During fiscal year 2010, the Foundation made progress in addressing this material weakness with the implementation of a more effective management review of the financial statements. However, certain control deficiencies over the Foundation's financial reporting process remained and, while no longer constituting a material weakness, represent a significant deficiency in internal control that continued to place the Foundation at increased risk of errors or omissions in its financial statements.

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