Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Non Commissioned Officers Association of the United States of America, Incorporated for 1997 and 1996

Published by the Government Accountability Office on 1999-05-27.

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

United States
General Accounting OffIce
Washington, D.C. 20648

Accounting and Information
Management Division


May 27,1999

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 Non Commissioned Officers Association of the United States of America,
         Incornorated for 1997 and 1996

Dear Mr. Chairman

As requested, we reviewed the audit report covering the financial statements of the Non
Commissioned Officers Association of the United States of America, Incorporated, a federally
chartered corporation, for the years ended December 341997 and 1996. The corporation is
an association of active, reserve, national guard, and retied non commissioned and petty
officers of the armed forces of the United States of America.

Federally chartered corporations are required under 36 U.S.C. 1102-l 103 to

l   present the corporation’s assets and liabilities and reasonable detail on the corporation’s
    income and expenses in annual fmancial 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 financial statements, reviewed the
auditor’s 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/~99-191R         Non Commissioned Officers Association of the U.S.A.

The corporation reported that its liabilities exceeded its assets by approximately $882,000
and $462,000at the end of 1996 and 1997,respectively. 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


 Page 2
                     GAO/AIMD-99-191RNon Commissioned Officers Association of the U.S.I
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