Library of Congress Publishes Results of an Independent Audit of the Fiscal Year 2020 Fiduciary Financial Statements

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 reported:

• the financial statements were fairly presented, in all material respects, in accordance with U.S. generally accepted accounting principles;
• no material or significant weaknesses in internal control over financial reporting; and
• no reportable noncompliance with provisions of laws and regulations tested or other matters.

For more about the results of this audit, read the recently published report, Statutory Licensing Fiduciary Assets Financial Statements and Independent Auditors’ Report.