Federally Chartered Corporation: Review of the Financial Statement Audit Reports for the Pearl Harbor Survivors Association for Fiscal Year 2002

Published by the Government Accountability Office on 2003-10-10.

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

United States General Accounting Office
Washington, DC 20548

          October 10, 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 Pearl Harbor Survivors Association for Fiscal Year 2002

          Dear Mr. Chairman:

          As requested, we reviewed the audit report covering the financial statements of the
          Pearl Harbor Survivors Association, a federally chartered corporation, for the fiscal
          year ended September 30, 2002. The corporation’s purpose is to collate, preserve,
          and encourage the study of historical episodes, chronicles, mementos, and events
          pertaining to “The Day of Infamy, 7 December 1941”, and in particular those
          memories and records of patriotic service performed by the heroic Pearl Harbor
          survivors and nonsurvivors.

          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. We also held limited
          discussions with the corporation’s auditors regarding potential enhancements that
          could be made to the corporation’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-04-28R Pearl Harbor Survivors Association
The audit report included the auditors’ opinion that, with one exception, the financial 

statements of the corporation were presented fairly on a modified cash basis of 

accounting. The exception related to the fact the auditors were not present to 

observe the physical inventory count at September 30, 2002 and the Association’s 

records do not permit adequate retroactive tests of inventory balances. 

We are returning the audit report you sent with your letter. 

Sincerely yours, 

Jeanette M. Franzel 


Financial Management and Assurance 

w/o Enclosure 


Page 2                                 GAO-04-28R Pearl Harbor Survivors Association
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