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GAO-24-107420 1 (2024-06-13)

handle is hein.gao/gaoqmz0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, D.C. 20548 June 13, 2024 Congressional Committees Congressional Award Foundation: Review of the FY 2023 Financial Statement Audit This report presents the results of our review of the Congressional Award Foundation's fiscal year 2023 financial statement audit. The Congressional Award Act established the Congressional Award Board to carry out a program to promote excellence among the nation's youth in the areas of public service, personal development, physical fitness, and expedition or exploration.' The Board created the Foundation as a nonprofit corporation to help it carry out this program.2 The Congressional Award Act, as amended by the Government Reports Elimination Act of 2014, requires the Foundation to obtain an annual financial statement audit from an independent public accountant (IPA).3 The act includes a provision for GAO to review the audit of the Foundation's financial statements and report the results to the Congress annually.4 The Foundation received an unmodified opinion on its fiscal years 2023 and 2022 financial statements.5 The IPA found the Foundation's financial statements presented fairly, in all material respects, the financial position of the Foundation and the results of its activities and its cash flows in accordance with U.S. generally accepted accounting principles. The IPA also reported for fiscal year 2023 that it did not identify any (1) deficiencies it considered to be material weaknesses6 in the Foundation's internal control over financial reporting or (2) instances of noncompliance or other matters that are required to be reported under U.S. generally accepted 1Pub. L. No. 96-114, 93 Stat. 851 (1979), classified, as amended, at 2 U.S.C. §§ 801-808. 22 U.S.C. § 806(i). 32 U.S.C. § 807, amended by Government Reports Elimination Act of 2014, Pub. L. No. 113-188, § 902(c)(1), 128 Stat. 2016, 2021. 4We reported on the results of our review of the Foundation's fiscal year 2022 financial statement audit in GAO, Congressional Award Foundation: Review of the FY2022 Financial Statement Audit, GAO-23-106672 (Washington, D.C.: June 8, 2023). The Foundation received an unmodified opinion on its fiscal years 2022 and 2021 financial statements. 5The Foundation's financial statements consist of the statements of financial position, the related statements of activities and cash flows, and the accompanying notes to the financial statements. 6A material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. GAO-24-107420 Review of the Foundation's FY 2023 Financial Statement Audit Page 1

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