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ERIC Number: ED509554
Record Type: Non-Journal
Publication Date: 2010-Apr
Pages: 53
Abstractor: As Provided
Reference Count: N/A
ISBN: N/A
ISSN: N/A
Vietnam Education Foundation: Recent Improvements Made in Internal Controls, but Weaknesses Persist. Report to the Chairman and Ranking Member, Committee on Foreign Relations, U.S. Senate. GAO-10-442
Ford, Jess T.
US Government Accountability Office
The Vietnam Education Foundation (VEF) Act of 2000 established VEF as an independent agency of the executive branch. A 13-member board of directors provides primary oversight. VEF also receives guidance from other entities in carrying out its mission to further bilateral relations between the United States and Vietnam through educational exchanges in science, technology, and other fields. In light of challenges identified in managing VEF's operations, GAO was asked to examine the extent to which VEF has implemented a framework for internal control. To address this objective, GAO analyzed VEF's financial statements, audits, board meeting minutes, and policies and procedures, and conducted interviews with past and current board members, as well as VEF management and staff. GAO's "Standards for Internal Control" were used to assess this information. GAO recommends that the VEF Board direct the Executive Director to take steps to implement actions across all five standards of internal control, including identifying and addressing gaps in the control environment, and assessing and managing risks. GAO also recommends that the VEF Board monitor and oversee VEF management's actions. VEF agreed with the recommendations. Four appendices are included: (1) Objectives, Scope, and Methodology; (2) Structural Elements of Similar Graduate Fellowship Programs; (3) Comments from the Vietnam Education Foundation; and (4) GAO Contact and Staff Acknowledgments. (Contains 1 table, 5 figures and 30 footnotes.)
US Government Accountability Office. 441 G Street NW, Washington, DC 20548. Tel: 202-512-6000; Web site: http://www.gao.gov
Publication Type: Numerical/Quantitative Data; Reports - Evaluative
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: US Government Accountability Office
Identifiers - Location: United States; Vietnam