Federally Chartered Corporation: Review of the Financial Statement Audit Report for the American Legion for 1997

Published by the Government Accountability Office on 1999-02-19.

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

United States
General Accounting Office
Washington, D.C. 20548

Accounting and Information
Management Division


February 19,1999

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

Subject:   Federallv Chartered Cornoration: Review of the Financial Statement
           Audit Reuort for the American Letion for 1997

Dear Mr. Chairman:

As requested, we reviewed the audit report covering the financial statements of the American
Legion, a federally chartered corporation, for the year ended December 31,1997. The
corporation’s purpose is to preserve the memories and incidents of the two World Wars and
the other hostilities fought to preserve democracy, to foster the ties and comradeship of
military service, and to devote the efforts of its members to mutual helpfulness and service to
the United States.

Federally chartered corporations are required under 36 U.S.C. 1102-1103to

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 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.

                                   ~~/$y--y--               GAO/AIMD-99-54R American Legion

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



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