Report on Audit of the African Development Foundation’s Consolidated Financial Statements, Internal

Report on Audit of the African Development Foundation’s Consolidated Financial Statements, Internal Control and Compliance for Fiscal Year 2003 and 2002. Audit Report No. 0-ADF-04-002-C November 14, 2003 Washington, D.C. This page intentionally left blank. November 14, 2003 MEMORANDUM FOR: African Development Foundation President, Nathaniel Fields FROM: AIG/A, Bruce N. Crandlemire /s/ SUBJECT: Audit of the African Development Foundation’s Financial Statements, Internal Control, and Compliance for the Fiscal Years Ended September 30, 2003 and 2002 (Report No. 0-ADF-04-002-C). Enclosed is the draft report on the subject audit. The Office of Inspector General (OIG) contracted with the independent certified public accounting firm of Leonard G. Birnbaum and Company, LLP (LGB) to audit the financial statements of the African Development Foundation as of September 30, 2003 and 2002 and for the years then ended. The contract required that the audit be performed in accordance with generally accepted auditing standards; generally accepted government auditing standards; and Office of Management and Budget (OMB) Bulletin 01-02, Audit Requirements for Federal Financial Statements. In its audit of the African Development Foundation’s (ADF) Fiscal Year 2003 Financial Statements, the LGB auditors found; • that the financial statements were fairly presented in conformity with U.S. ...