United States General Accounting Office Washington, DC 20548 August 7, 2003 The Honorable F. James Sensenbrenner, Jr. Chairman, Committee on the Judiciary House of Representatives Subject: Federally Chartered Corporation: Review of the Financial Statement Audit Reports for the Former Members of Congress for 2002 and 2001 Dear Mr. Chairman: As requested, we reviewed the audit reports covering the financial statements of the Former Members of Congress, a federally chartered corporation, for the years ended December 31, 2002 and 2001. The corporation’s purpose is to promote the improved public understanding of the Congress as an institution and representative democracy as a system of government, both domestically and internationally. Federally chartered corporations are required under 36 U.S.C. §10101 to • present the corporation’s assets and liabilities and reasonable detail on the corporation’s income and expenses in annual financial statements, and • obtain an annual financial audit by an independent public accountant. The objective of our review was to determine whether the audit reports 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, and reviewed the auditors’ reports. However, we did not review the auditors’ working papers, and we are not rendering an audit opinion. Our review disclosed no reportable instances of noncompliance with the financial reporting requirements of the law. GAO-03-1077R Former Members of Congress The audit reports included the auditors’ opinions that the financial statements of the corporation were presented fairly in accordance with U.S. generally accepted accounting principles. We are returning the audit reports you sent with your letter. Sincerely yours, Jeanette M. Franzel Director Financial Management and Assurance w/o Enclosures (194263) Page 2 GAO-03-1077R Former Members of Congress
Federally Chartered Corporation: Review of the Financial Statement Audit Reports for the Former Member of Congress for 2002 and 2001
Published by the Government Accountability Office on 2003-08-07.
Below is a raw (and likely hideous) rendition of the original report. (PDF)