oversight

Federally Chartered Corporation: Review of the Financial Statement Audit Reports for the Air Force Sergeants Association for Fiscal Years 2000-2002

Published by the Government Accountability Office on 2003-06-05.

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

United States General Accounting Office
Washington, DC 20548




          June 5, 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 Air Force Sergeants Association for Fiscal Years 2000-2002

          Dear Mr. Chairman:

          As requested, we reviewed the audit reports covering the financial statements of the
          Air Force Sergeants Association, a federally chartered corporation, for the fiscal
          years ended April 30, 2002, 2001, and 2000. The purposes of the association include
          helping to maintain a highly dedicated and professional corps of enlisted personnel
          and supporting fair and equitable legislation and Department of the Air Force
          policies.

          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,

          •   obtain an annual financial audit by an independent public accountant, and

          •   submit the auditors’ report and the corporation’s financial statements to the
              Congress.

          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. We also held limited
          discussions with the association’s auditors regarding potential enhancements that
          could be made to the association’s financial reporting. 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-03-853R Air Force Sergeants Association
The audit reports included the auditors’ opinions that the financial statements of the
corporation were presented fairly in accordance with 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

Enclosures




(194222)


Page 2                                  GAO-03-853R Air Force Sergeants Association
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