Report on Audit of the African Development Foundation’s Financial Statements for Fiscal Years 2006

OFFICE OF INSPECTOR GENERAL Audit of the African Development Foundation’s Financial Statements for Fiscal Years 2006 and 2005 AUDIT REPORT NO. 0-ADF-07-002-C November 15, 2006 WASHINGTON, DC Office of Inspector General November 15, 2006 MEMORANDUM TO: ADF President, Rodney MacAlister FROM: AIG/A, Joseph Farinella /s/ SUBJECT: Report on Audit of the African Development Foundation’s Financial Statements for Fiscal Years 2006 and 2005 (0-ADF-06-002-C) Enclosed is the final report on the subject audit. We contracted with the independent certified public accounting firm of Leonard G. Birnbaum & Company, LLP (LGB) to audit the financial statements of the African Development Foundation as of September 30, 2006 and 2005 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 (OMB) Bulletin 06-03, Audit Requirements for Federal Financial Statements; and the Government Accountability Office/President’s Council on Integrity and Efficiency Financial Audit Manual. In its audit of the African Development Foundation (ADF), LGB found that; • the financial statements were fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles, • ADF had effective internal control over financial ...