What OIG Evaluated:
Independent audit of the Statutory Licensing Fiduciary Fund financial statements of the Library’s fiduciary fund as of and for the FYs ended September 30, 2023, and 2022. The audit was conducted in accordance with Government Auditing Standards, the Office of Management and Budget Bulletin 24-01 (Audit Requirements for Federal Financial Statements), and the U.S. Government Accountability Office and the Council of the Inspectors General on Integrity and Efficiency's Financial Audit Manual.
What OIG Found:
In its audit of the Library’s fiduciary fund, the OIG reported:
- the financial statements were fairly presented, in all material respects, in accordance with U.S. generally accepted accounting principles;
- no material weakness in internal control over financial reporting; and
- no reportable noncompliance with provisions of laws and regulations tested or other matters.
What OIG recommends:
1. Review and update the Licensing Section, Licensing Fiscal Unit Financial Statements Reconciliation & Review Checklist to prescribe procedures for identifying, analyzing, and correcting abnormal amounts and detailed allocations.
2. Implement the updated Licensing Section, Licensing Fiscal Unit Financial Statements Reconciliation & Review Checklist prospectively when reviewing draft fiduciary financial statements and notes.
