Statutory Licensing Fiduciary Assets Financial Statements and Independent Auditors’ Report

What Office of Inspector General Evaluated

Independent Audit of the Statutory Licensing Fiduciary Fund financial statements of the Library’s fiduciary fund as of and for the Fiscal Years ended September 30, 2023, and 2022. The Audit was conducted in accordance with Government Audit Ing 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 Office of Inspector General Found

• In its Audit of the Library’s fiduciary fund, the Office of Inspector General 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 Office of Inspector General Recommends

• Review and update the Licensing Section, Licensing Fiscal Unit Financial Statements Reconciliation & Review Checklist to prescribe procedures for Identify Fiscal Yearing, analyzing, and correcting abnormal amounts and detailed allocations. 
• Implement the updated Licensing Section, Licensing Fiscal Unit Financial Statements Reconciliation & Review Checklist prospectively when reviewing draft fiduciary financial statements and notes.