Audit of the Inter-American Foundation's Financial Statements for Fiscal Years 2007 and 2006

OFFICE OF INSPECTOR GENERAL Audit of the Inter-American Foundation’s Financial Statements for Fiscal Years 2007 and 2006 AUDIT REPORT NO. 0-IAF-08-003-C November 14, 2007 WASHINGTON, DC Office of Inspector General Office of Inspector General November 14, 2007 MEMORANDUM TO: IAF President and CEO, Amb. Larry L. Palmer FROM: AIG/A, Joseph Farinella /s/ SUBJECT: Audit of the Inter-American Foundation's Financial Statements for Fiscal Years 2007 and 2006 (Audit Report No. 0-IAF-08-003-C) The final report on the subject audit is enclosed. The Office of Inspector General contracted with the independent certified public accounting firm of Gardiner, Kamya & Associates, P.C. (GKA) to audit the financial statements of Inter-American Foundation (IAF) as of September 30, 2007 and 2006 and for the years then ended. The contract required that the audit be performed in accordance with generally accepted government auditing standards; generally accepted auditing standards; Office of Management and Budget Bulletin 07-04, Audit Requirements for Federal Financial Statements; and the Government Accountability Office/President's Council on Integrity and Efficiency Financial Audit Manual. GKA determined that: • the financial statements were fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles, • there were no material weaknesses or ...