oversight

Federally Chartered Corporation: Review of the Financial Statement Audit Reports for The Foundation of the Federal Bar Association for Fiscal Years 2001 and 2000

Published by the Government Accountability Office on 2003-08-07.

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

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
                     Report for The Foundation of the Federal Bar Association for Fiscal Years
                     2001 and 2000

          Dear Mr. Chairman:

          As requested, we reviewed the audit report covering the financial statements of The
          Foundation of the Federal Bar Association, a federally chartered corporation, for the
          fiscal years ended September 30, 2001 and 2000. The Foundation’s purposes are to
          promote the study of law through various programs and to provide for the
          acquisition, presentation, and exhibition of rare objects of historical interest relating
          to the law, the courts, and the legal profession.

          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 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, and reviewed the auditors’ report. 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-03-1078R The Foundation of the Federal Bar Association
The audit report included the auditors’ opinion that the financial statements of the
corporation were presented fairly in accordance with generally accepted accounting
principles. We are returning the audit report you sent with your letter.

Sincerely yours,




Jeanette M. Franzel
Director
Financial Management and Assurance

w/o Enclosure




(194264)


Page 2                 GAO-03-1078R The Foundation of the Federal Bar Association