oversight

Federally Chartered Corporation: Review of the Financial Statement Audit Reports for the National Conference of State Societies, Washington, District of Columbia, for Fiscal Years 2001 and 2000

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
                    Reports for the National Conference of State Societies, Washington,
                    District of Columbia, for Fiscal Years 2001 and 2000

          Dear Mr. Chairman:

          As requested, we reviewed the audit reports covering the financial statements of the
          National Conference of State Societies, Washington, District of Columbia, a federally
          chartered corporation, for the fiscal years ended May 31, 2001 and 2000. The
          corporation’s purpose is to promote friendly and cooperative relations between the
          various state and territorial societies in the District of Columbia, and to foster,
          participate in, and encourage educational, cultural, charitable, civic, and patriotic
          programs and activities in the District of Columbia.

          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-04-67R National Conference of State Societies
The audit reports included the auditors’ opinions that the financial statements of the 

corporation were presented fairly on the cash basis of accounting. The notes to the 

financial statements indicate that the corporation would have shown an operating 

deficit at May 31, 2001 and 2000 under the accrual basis of accounting. We are 

returning the audit reports you sent with your letter. 


Sincerely yours, 





Jeanette M. Franzel 

Director 

Financial Management and Assurance 


w/o Enclosures 





(194328) 



Page 2                             GAO-04-67R National Conference of State Societies
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