Audit of the Inter-American Foundation’s Financial Statements for Fiscal Years 2005 and 2004, AUDIT

OFFICE OF INSPECTOR GENERALAudit of the Inter-American Foundation’s Financial Statements for Fiscal Years 2005 and 2004 AUDIT REPORT NO. 0-IAF-06-002-C November 14, 2005 WASHINGTON, DCOffice of Inspector General November 14, 2005 MEMORANDUM TO: IAF President and CEO, Amb. Larry L. Palmer FROM: Acting AIG/A, Joseph Farinella SUBJECT: Report on Audit of the Inter-American Foundation’s Financial Statements for Fiscal Years 2005 and 2004 (0-IAF-06-002-C) Enclosed is the final report on the subject audit. We contracted with the independent certified public accounting firm of Gardiner, Kamya & Associates, P.C. (GKA) to audit the financial statements of the Inter-American Foundation as of September 30, 2005 and 2004 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 01-02, 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 Inter-American Foundation (IAF), Gardiner, Kamya & Associates found; • the financial statements were fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles, • IAF had effective internal control over financial reporting (including safeguarding assets) and ...