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GAO-02-891R 1 (2002-07-26)

handle is hein.gao/gaobaamay0001 and id is 1 raw text is: £ G Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 July 26, 2002 Mr. William E. Kelley National Director Congressional Award Foundation Subject: Congressional Award Foundation: Management Action Needed to Establish Control Requirements and Related Procedures Dear Mr. Kelley: In May 2002, we issued our report' expressing an opinion on the Congressional Award Foundation's fiscal year 2001 and 2000 financial statements and on management's assertions regarding the foundation's internal controls as of September 30, 2001. We also reported on the results of our tests of the foundation's compliance with selected provisions of laws and regulations during fiscal year 2001. The purpose of this report is to advise you of additional matters identified during our fiscal year 2001 audit regarding accounting procedures and internal control weaknesses, and to recommend improvements to address these weaknesses. These matters are not considered material in relation to the financial statements; however, they warrant management's consideration. Results in Brief The Congressional Award Foundation has several internal control weaknesses related to processing transactions, maintaining supporting documents, and required reporting. Specifically, we found the following: * lack of approval for payments to vendors, * inaccurate classification of transactions in the general ledger, * lack of supporting documents for adjusting journal entries made by the foundation's accounting firm, * incomplete personnel files, and * lack of annual reporting to the Congress for fiscal year 2000. 'U.S. General Accounting Office, Financial Audit: Congressional Award Foundation's Fiscal Years 2001 and 2000 Financial Statements, GAO-02-672 (Washington D.C.: May 15, 2002). GAO-02-891R Congressional Award Foundation

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