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GAO-15-587R 1 (2015-06-17)

handle is hein.gao/gaobaaizs0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 June 17, 2015 The Honorable Orrin G. Hatch President Pro Tempore of the United States Senate The Honorable Mitch McConnell Majority Leader The Honorable Harry Reid Minority Leader United States Senate The Honorable Roy Blunt Chairman The Honorable Charles E. Schumer Ranking Member Committee on Rules and Administration United States Senate Senate Preservation Fund: Audit of Fiscal Years 2013 and 2014 Transactions In September 2003, the Senate Preservation Fund (Fund) was established within the Department of the Treasury (Treasury).1 The Fund is available to the Senate Commission on Art (Commission) to fund activities related to acquiring works of art, historical objects, documents, and materials relating to historical matters, or exhibits in the Capitol and Senate office buildings. The Library of Congress (Library) provides financial management and disbursing services and support to the Commission. GAO is required to audit the Fund and report the results to the Commission.2 This report presents the results of our audit of the Commission's transactions as recorded in the Fund during fiscal years 2013 and 2014. Our audit objectives were to determine to what extent (1) the Commission's and the Library's policies and procedures were documented and designed to help ensure that the Fund's recorded transactions would be authorized in advance, promptly and accurately accounted for, and supported, and (2) the Commission and the Library executed Fund transactions for fiscal years 2013 and 2014 in accordance with these policies, procedures, and applicable laws. To address these objectives, we reviewed the Fund's enabling legislation and the Commission's and the Library's documented operating, reporting, and oversight policies and procedures and compared them to applicable federal internal control standards to assess the adequacy of controls these policies and procedures contained related to transaction authorization, prompt and accurate accounting, and documentation.3 We tested 100 percent of the Fund's 1Pub. L. No. 108-83, 117 Stat. 1007, 1012 (Sept. 30, 2003) (classified, as amended, at 2 U.S.C. § 2108 (c)). 22 U.S.C. § 2108(c)(6). 3GAO, Standards for Internal Control in the Federal Government, GAO/AIMD-00-21.3.1 (Washington, D.C.: November 1999). GAO-15-587R Senate Preservation Fund Page 1

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