Report on Audit of the African Development Foundation’s Financial Statements for Fiscal Years 2004

Report on Audit of the African Development Foundation’s Financial Statements for Fiscal Years 2004 and 2003. Audit Report No. 0-ADF-05-003-C November 15, 2004 Washington, D.C. November 15, 2004 MEMORANDUM FOR: African Development Foundation President, Nathaniel Fields FROM: AIG/A, Bruce N. Crandlemire SUBJECT: Audit of the African Development Foundation’s Financial Statements for Fiscal Years 2004 and 2003 (Report No. 0-ADF-05-003-C) Enclosed is the final 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, 2004 and 2003 and for the years then ended. The contract required that the audits 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 audits of the African Development Foundation’s (ADF) Fiscal Year 2004 Financial Statements, the LGB auditors found; • that the financial statements were fairly presented in conformity with U.S. generally accepted accounting principles • a material weakness in ADF’s internal controls, and • four instances of noncompliance related to the ...