The Library of Congress Publishes Results of an Independent Audit of the Fiscal Year 2017 Fiduciary Financial Statements
Issue No. 726 - September 20, 2018
Earlier this year, the Library of Congress contracted with an independent public accounting firm, Cotton & Company LLP, to conduct an audit of the financial statements prepared for the fiduciary assets administered by the Copyright Office’s Licensing Division. The purpose of this independent audit was to provide an opinion on the fairness of the statements in accordance with generally accepted accounting principles and to report on internal control over financial reporting and compliance with applicable laws and regulations.
The audit found:
- The fiduciary financial statements for fiscal year 2017 are presented fairly;
- No material weaknesses or significant deficiencies were present in the internal control over financial reporting; and
- There is no reportable noncompliance with the provisions of applicable laws and regulations.
For more about the results of this audit, read the recently published report, Statutory Licensing Fiduciary Assets Financial Statements and Independent Auditors’ Report.