Federally Chartered Corporation: Review of the Financial Statement Audit Report for the United States Olympic Committee for 1997

Published by the Government Accountability Office on 1999-05-07.

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

      United States

GAO   General Accounting
                    D.C, 20548

      Accounting and Information
      Management   Division


      May 7,1999

      The Honorable Henry J. Hyde
      Chairman, Committee on the Judiciary
      House of Representatives

      Subject: Federallv Chartered Cornoration: Review of the Financial Statement Audit Renort
               for the United States Olvmnic Committee for 1997

      Dear Mr. Chairman:

      As requested, we reviewed the audit report covering the financial statements of the United
      States Olympic Committee, a federally chartered corporation, for the year ended December
      31,1997. The corporation exercises exclusive jurisdiction over all matters pertaining to the
      participation of the United States in the Olympic and Pan American Games and the
      organization of such games in the United States.

      Federally chartered corporations are required under 36 U.S.C. 11021103 to

      l   present the corporation’s assets and liabilities and reasonable detail on the corporation’s
          income and expenses in annual financial statements,

      l   obtain an annual financial audit by an independent public accountant, and

      l   submit the auditor’s report and the corporation’s financial statements to the Congress.

      The objective of our review was to determine whether the audit report complied with the
      financial reporting requirements of the law. In carrying out our work, we reviewed the
      corporation’s financial statements and the accompanying notes, performed certain analytical
      procedures related to information presented in the fmancial statements, reviewed the
      auditor% report, and made inquiries to corporation officials or the auditor as we deemed
      necessary. We did not review the auditor’s working papers. Our review disclosed no
      reportable instances of noncompliance.

                                               GAO/AIMD99-158R United States Olympic Committee

The audit report included the auditor’s opinion that the financial statements of the
corporation were fairly presented in conformity with generally accepted accounting
principles. We are returning the audit report you sent with your letter.

David L. Clark
Director, Audit Oversight and Liaison

w/o enclosure

                                                                  J   -


Page 2                                  GAO/AIMD-99-158R United States Olympic Committee
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