Audit of the Inter-American Foundation’s Financial Statements, Internal Controls, and Compliance

Audit of the I nter-American Foundation’s Financial Statements, Internal Controls, and Compliance for the Fiscal Year Ended September 30, 2002 Audit Report No. 0-IAF-03-002-C January 29, 2003 Washington, D.C. This page intentionally left blank. January 29, 2003 MEMORANDUM FOR: Inter-American Foundation President, David Valenzuela FROM: IG/A/FA, Alvin A. Brown /s/ SUBJECT: Audit of the Inter-American Foundation’s Financial Statements, Internal Controls, and Compliance for the Fiscal Year Ended September 30, 2002 (Report No. 0-IAF-03-002-C) We contracted with the independent certified public accounting firm of Gardiner, Kamya & Associates, P.C. (GKA) to audit the financial statements of the Inter-American Foundation as of September 30, 2002 and for the year then ended. The contract required that the audit be done in accordance with generally accepted government auditing standards; Office of Management and Budget’s (OMB) Bulletin, Audit Requirements for Federal Financial Statements; and the General Accounting Office/President’s Council on Integrity and Efficiency Financial Audit Manual. In its audit of the Inter-American Foundation (IAF), Gardiner, Kamya & Associates found • the financial statements were f airly presented, in all material respects, in conformity with U.S. generally accepted accounting principles, • IAF had effective internal ...