The Vietnam Education Foundation 2011 Annual Report

Annual Report 2011 Page 59
In our opinion, the financial statements referred to above, including the accompanying notes, present fairly, in all
material respects, the financial position of the Vietnam Education Foundation, as of September 30, 2011 and 2010,
and its net costs, changes in net position, and budgetary resources for the years then ended, in conformity with U.S.
generally accepted accounting principles.
The information in the Management’s Discussion and Analysis, Required Supplementary Stewardship Information
and Required Supplementary Information sections is not a required part of the financial statements, but is
supplemental information required by U.S. generally accepted accounting principles. We have applied certain limited
procedures, which consisted of principally inquiries of management regarding the methods of measurement and
presentation of this information. However, we did not audit this information and, accordingly, we express no opinion
on it.
Internal Control Over Financial Reporting
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct
misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal
control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements,
fraud or noncompliance in amounts that would be material to the financial statements will not be prevented, or
detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described in the
Responsibilities section and was not designed to identify all deficiencies in internal control over financial reporting
that might be deficiencies, significant deficiencies, or material weaknesses. In our fiscal years 2011 and 2010 audits,
we did not identify any deficiencies in internal control over financial reporting that we consider to be material
weaknesses, as defined above.
We noted certain additional matters that we reported to the Foundation’s management addressing internal control
matters.
Compliance and Other Matters
The results of our tests of compliance as described in the Responsibilities section of this report disclosed no instances
of noncompliance or other matters that are required to be reported herein under Government Auditing Standards or
OMB Bulletin No. 07-04, as amended.
Responsibilities
Management Responsibilities: Vietnam Education Foundation’s management is responsible for (1) preparing the
financial statements in conformity with U.S. generally accepted accounting principles, (2) establishing and
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