Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Reserve Officers Association of the United States for Fiscal Year 1998

Published by the Government Accountability Office on 1999-04-30.

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

                                  United States

GAO                               General Accounting OfFice
                                  Washington, D.C. 20648

                                  Accounting and Information
                                  Management Division


                                  April 30,1999
                                  The Honorable Henry .J.Hyde
                                  Chairman, Committee on the Judiciary
                                  House of Represent&ives

                                  Subject: F’ederaIlvChartered Cornoration: Review of the FinanciaIStatementAudit Renort
                                           for the ReserveOfficers Association of the United Statesfor J!IscalYear 1998

                                  Dear ME Chakmanz
                              As requested,we reviewed the audit report covering the financial statementsof the Reserve
                              OEicersAssociation of the United States,a federally chartered corporation, for f&al year
                              ended March 31,1998. The corporation’s purpose is to support a military policy for the
                              United Statesthat will provide adeqhte national security.

                              Federally chartered corporations are required under 36 U.S.C.1102-l103to

                              l      present the corporation’s assetsand liabilities and reasonablede&h on the corporation%
                                     income and expensesin annual financial statements,

                              l      obtain an annual Gnancialaudit by an independentpublic accountant,and

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

                              The objective of our review was to determinewhether the audit report complied with the
                              financiaI reporting requirements of the law. In carrying out our work, we reviewed the
                              corporation’s financial statements and the accompanyingnotes,performed certain analytical
. - ._...-. ..-.              procedures related to information presentedin the financial statements,reviewed the
                              auditois report, and made inquiries to corporation officials or the auditor as we deemed
                              necessary. We did not review the auditor’s working papers. Cur review disclosedno         .
                              reportable instancesof noncompliance.

                                                               ..      ReserveOfficers Association of the United States

The audit report includedthe auditor’sopinionthai the financiaIstatementsof the
corporationwere fairly presentedin conformi@with generallyacceptedaccohnting
principles. We are returningthe audit report you sentwith your letter.


David L Clark
Director, Audit Oversightand Liaison



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                                      ReserveOfficersAssociationof the United States
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