Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the Aviation Hall of Fame for 1997 and 1998 (Correspondence,
06/16/2000, GAO/AIMD-00-221R).
Pursuant to a congressional request, GAO reviewed the audit report
covering the financial statements of the Aviation Hall of Fame for the
years ended December 31, 1997 and 1998, focusing on whether the audit
reports complied with the financial reporting requirements of the law.
GAO noted that: (1) nothing came to GAO's attention that would cause it
to believe that the financial reporting requirements of the law have not
been met; and (2) the audit report included the auditor's opinion that
the financial statement of the corporation were presented fairly in
accordance with generally accepted accounting principles.
--------------------------- Indexing Terms -----------------------------
REPORTNUM: AIMD-00-221R
TITLE: Federally Chartered Corporation: Review of the Financial
Statement Audit Report for the Aviation Hall of Fame
for 1997 and 1998
DATE: 06/16/2000
SUBJECT: Aviation
Aircraft industry
Reporting requirements
Audit reports
Accounting standards
Federal corporations
Financial records
Financial statement audits
Awards
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GAO/AIMD-00-221R
MACROBUTTON B-285321 DOCPROPERTY B-number
*
* June 16, 2000
The Honorable Henry J. Hyde
Chairman, Committee on the Judiciary
House of Representatives
Subject: Federally Chartered Corporation: Review of the Financial Statement
Audit
Report for the Aviation Hall of Fame for 1997 and 1998
Dear Mr. Chairman:
* As requested, we reviewed the audit report covering the financial
statements of the Aviation Hall of Fame, a federally chartered
corporation, for the years ended December 31, 1997 and 1998. The
corporation's purpose is to honor citizens, aviation leaders, pilots
and others for outstanding contributions to the establishment,
development, advancement, or improvement of aviation, and to perpetuate
the memory of them and record their contributions.
* 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 auditor's report and the corporation's financial statements
to the Congress.
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, reviewed the auditor's
report, and made inquiries to corporation officials or the auditor as we
deemed necessary. We did not review the auditor's working papers. Our review
disclosed no reportable instances of noncompliance.
The audit report included the auditor's opinion that the financial
statements of the corporation were presented fairly, in all material
respects, in accordance with generally accepted accounting principles. We
are returning the audit report you sent with your letter.
Sincerely yours,
David L. Clark
Director, Audit Oversight and Liaison
w/o Enclosure
(911974)
*** End of document. ***