The Comptroller and Auditor General is Parliament's independent auditor who examines and certifies the accounts of government departments, executive agencies, and other organisations. This report summarises the results of financial audit work undertaken by the National Audit Office from February 2005 to January 2006 and highlights key financial audit and accounting issues in the central government sector. Overall the standards of accountability and probity remain high and qualified opinions were issued on only two sets of departmental resource accounts; one set of accounts were qualified in relation to truth and fairness; and two sets were qualified in relation to regularity. The report is in three sections: financial audit; corporate governance; adding value.

Established in 1934 to enforce the securities laws & protect investors, the Securities & Exchange Comm. (SEC) plays an important role in maintaining the integrity of the U.S. securities markets. Pursuant to the Accountability of Tax Dollars Act of 2002, the SEC is required to prepare & submit to Congress & the Office of Mgmt. & Budget audited financial statements. This report is an audit of SEC's financial statements. The audit was done to determine whether, in all material respects: (1) SEC's FY 2005 financial statements were reliable; & (2) SEC's management maintained effective internal control over financial reporting & compliance with laws & regulations. SEC's compliance with certain laws & regulations were also tested. Charts & tables.

This report presents our opinion on the financial statements of the Congressional Award Foundation for the fiscal years ended September 30, 2005, and 2004. These financial statements are the responsibility of the Congressional Award Foundation. This report also presents (1) our opinion on the effectiveness of the Foundation's related internal control as of September 30, 2005, and (2) our conclusion on the Foundation's compliance in fiscal year 2005 with selected provisions of laws and regulations we tested. We conducted our audit pursuant to section 107 of the Congressional Award Act, as amended (2 U.S.C. 807), and in accordance with U.S. generally accepted government auditing standards. This report also includes our determination required under section 104(c)(2)(A) of the Act (2 U.S.C. 804(c)(2)(A)) relating to the Foundation's financial operations. We have audited the statements of financial position of the Congressional Award Foundation (the Foundation) as of September 30, 2005, and 2004, and the related statements of activities and statements of cash flows for the fiscal years then ended. We found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles, although substantial doubt exists about the Foundation's ability to continue as a going concern; (2) the Foundation did not have effective internal control over financial reporting (including safeguarding assets) but did have effective control over compliance with laws and regulations; and (3) no reportable noncompliance with the provisions of laws and regulations we tested during fiscal year 2005.

Also known as Northern Ireland Resource Accounts 2004-2005