The Vietnam Education Foundation 2011 Annual Report
The Vietnam Education Foundation 2011 Annual Report
The Vietnam Education Foundation 2011 Annual Report
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Page 58 <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />
Board of Directors, Chairman and Executive Director<br />
<strong>Vietnam</strong> <strong>Education</strong> <strong>Foundation</strong><br />
Arlington, VA<br />
Independent Auditor’s <strong>Report</strong><br />
In accordance with the Accountability of Tax Dollars Act of 2002, we are responsible for conducting audits<br />
of the <strong>Vietnam</strong> <strong>Education</strong> <strong>Foundation</strong>. We have audited the accompanying balance sheets of the <strong>Vietnam</strong><br />
<strong>Education</strong> <strong>Foundation</strong> as of September 30, <strong>2011</strong> and 2010 and the related statements of net cost, changes in<br />
net position, and budgetary resources for the years then ended.<br />
<strong>The</strong> objective of our audits was to express an opinion on the fair presentation of these financial statements.<br />
In connection with our audits, we also considered the <strong>Vietnam</strong> <strong>Education</strong> <strong>Foundation</strong>’s internal control over<br />
financial reporting and tested the <strong>Vietnam</strong> <strong>Education</strong> <strong>Foundation</strong>’s compliance with selected provisions of<br />
applicable laws and regulations that could have a direct and material effect on these financial statements.<br />
Summary<br />
In our audits of the <strong>Vietnam</strong> <strong>Education</strong> <strong>Foundation</strong> for the fiscal years ended September 30, <strong>2011</strong> and 2010,<br />
we found:<br />
• the financial statements are presented fairly, in all material respects, in conformity with U.S.<br />
generally accepted accounting principles,<br />
• no material weaknesses in internal control over financial reporting (including safeguarding assets)<br />
and compliance with laws and regulations,<br />
• no reportable noncompliance with laws and regulations we tested.<br />
<strong>The</strong> following sections discuss our opinion on the <strong>Foundation</strong>’s financial statements; our consideration of the<br />
<strong>Foundation</strong>’s internal controls over financial reporting; our tests of the <strong>Foundation</strong>’s compliance with certain<br />
provisions of applicable laws, regulations, contracts and grant agreements; and management’s and our<br />
responsibilities.<br />
Opinion on Financial Statements<br />
We have audited the accompanying balance sheets of the <strong>Vietnam</strong> <strong>Education</strong> <strong>Foundation</strong> as of September<br />
30, <strong>2011</strong> and 2010 and the related statements of net cost, changes in net position, and budgetary resources<br />
for the years then ended.<br />
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