Audit of the U.S. African Development Foundation's Financial Statements for Fiscal Years 2007 and 2006

OFFICE OF INSPECTOR GENERALAudit of the U.S. African Development Foundation’s Financial Statements for Fiscal Years 2007 and 2006 AUDIT REPORT NO. 0-000-08-002-C November 14, 2007 WASHINGTON, DCOffice of Inspector General Office of Inspector General November 14, 2007 MEMORANDUM TO: USADF President and CEO, Lloyd O. Pierson FROM: AIG/A, Joseph Farinella /s/ SUBJECT: Audit of the U.S. African Development Foundation's Financial Statements for Fiscal Years 2007 and 2006 (Audit Report No. 0-ADF-08-002-C) The final report on the subject audit is enclosed. The Office of Inspector General contracted with the independent certified public accounting firm of Leonard G. Birnbaum and Company, LLP (LGB) to audit the financial statements of the U.S. African Development Foundation (USADF) 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. LGB 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 significant ...