United States General Accounting Office Washington, DC 20548 November 21, 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 Civil Air Patrol for Fiscal Year 2001 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the Civil Air Patrol, a federally chartered corporation, for the fiscal year ended September 30, 2001. The purpose of the corporation is to encourage and foster civil aviation in local communities and to provide adequate facilities to assist in meeting local and national emergencies. 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. GAO-04-183R Civil Air Patrol The audit report for fiscal year 2001 included the auditors’ opinion that with one exception, the financial statements of the corporation were presented fairly in accordance with U.S. generally accepted accounting principles. The exception related to units below wing level not being audited and not being included in these financial statements. The exception is discussed in the notes to the financial statements and in the auditors’ report. We are returning the audit report you sent with your letter. Sincerely yours, Jeanette M. Franzel Director Financial Management and Assurance w/o Enclosure (194360) Page 2 GAO-04-183R Civil Air Patrol The General Accounting Office, the audit, evaluation and investigative arm of GAO’s Mission Congress, exists to support Congress in meeting its constitutional responsibilities and to help improve the performance and accountability of the federal government for the American people. GAO examines the use of public funds; evaluates federal programs and policies; and provides analyses, recommendations, and other assistance to help Congress make informed oversight, policy, and funding decisions. GAO’s commitment to good government is reflected in its core values of accountability, integrity, and reliability. The fastest and easiest way to obtain copies of GAO documents at no cost is Obtaining Copies of through the Internet. GAO’s Web site (www.gao.gov) contains abstracts and full- GAO Reports and text files of current reports and testimony and an expanding archive of older products. The Web site features a search engine to help you locate documents Testimony using key words and phrases. You can print these documents in their entirety, including charts and other graphics. Each day, GAO issues a list of newly released reports, testimony, and correspondence. GAO posts this list, known as “Today’s Reports,” on its Web site daily. The list contains links to the full-text document files. To have GAO e- mail this list to you every afternoon, go to www.gao.gov and select “Subscribe to e-mail alerts” under the “Order GAO Products” heading. Order by Mail or Phone The first copy of each printed report is free. Additional copies are $2 each. A check or money order should be made out to the Superintendent of Documents. GAO also accepts VISA and Mastercard. Orders for 100 or more copies mailed to a single address are discounted 25 percent. Orders should be sent to: U.S. General Accounting Office 441 G Street NW, Room LM Washington, D.C. 20548 To order by Phone: Voice: (202) 512-6000 TDD: (202) 512-2537 Fax: (202) 512-6061 Contact: To Report Fraud, Web site: www.gao.gov/fraudnet/fraudnet.htm Waste, and Abuse in E-mail: firstname.lastname@example.org Federal Programs Automated answering system: (800) 424-5454 or (202) 512-7470 Jeff Nelligan, Managing Director, NelliganJ@gao.gov (202) 512-4800 Public Affairs U.S. General Accounting Office, 441 G Street NW, Room 7149 Washington, D.C. 20548 This is a work of the U.S. government and is not subject to copyright protection in the United States. It may be reproduced and distributed in its entirety without further permission from GAO. However, because this work may contain copyrighted images or other material, permission from the copyright holder may be necessary if you wish to reproduce this material separately.
Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Civil Air Patrol for Fiscal Year 2001
Published by the Government Accountability Office on 2003-11-21.
Below is a raw (and likely hideous) rendition of the original report. (PDF)