Audit of the National Science Foundation's Fiscal Years 2016 and 2015 Financial Statements

Published by the National Science Foundation, Office of Inspector General on 2017-01-17.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

         Audit of the
National Science Foundation’s
 Fiscal Years 2016 and 2015
     Financial Statements

   National Science Foundation
    Office of Inspector General

         January 17, 2017

           OIG 17-2-001
                                              At a Glance
                               Audit of the National Science Foundation’s Fiscal Years
                                         2016 and 2015 Financial Statements

Report No. OIG 17-2-001 | January 17, 2017

                                         Audit Results
                                         Kearney and Company (Kearney) issued an unmodified
                                         opinion on NSF’s financial statements. In its Report on
                                         Internal Control over Financial Reporting, Kearny did not
                                         report any material weaknesses in internal control;
                                         however, it did report one significant deficiency in internal
                                         control, which relates to NSF’s Information Technology
                                         control environment. Kearney reported no instances of
                                         noncompliance with certain provisions of laws, regulations,
 Why We Did This Audit                   contracts, and grant agreements that is tested.

The Chief Financial Officer’s Act of     Recommendations
1990, as amended, requires NSF’s
Inspector General or an independent      Kearney made three recommendations to improve the access
external auditor, as determined by the   controls process across the three financial systems it tested.
Inspector General, to audit NSF’s
financial statements. Under a
contract we monitored, Kearney and
Company, an independent public
accounting firm, performed the audit     Agency Response
of NSF’s FY 2016 financial
statements.                              NSF generally agreed with the internal control finding, but
                                         did not agree that it constitutes a deficiency significant
              Links                      enough to merit a reportable condition in financial reporting
                                         oversight. NSF will take corrective action to address the
https://www.nsf.gov/pubs/2017/nsf1       findings, and has taken immediate actions to address the
7002/pdf/nsf17002.pdf#page=39            risks raised.
for the Financial Section of NSF’s FY
2016 Agency Financial Report (AFR),
which includes the audit reports.

7002/pdf/nsf17002.pdf contains the
complete AFR.

for the complete FY 2016 Annual