Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the United States Olympic Committee for 1997 and 1998
(Correspondence, 06/30/2000, GAO/AIMD-00-247R).

Pursuant to a congressional request, GAO reviewed the audit report
covering the financial statements of the United States Olympic Committee
for years ended December 31, 1997 and 1998, focusing on whether the
audit report complied with the financial reporting requirements of the
law.

GAO noted that: (1) during its review, GAO disclosed no reportable
instances of noncompliance; and (2) the audit report included the
auditor's opinion that the financial statements of the corporation were
fairly presented in accordance with generally accepted accounting
principles.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  AIMD-00-247R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Report for the United States Olympic
	     Committee for 1997 and 1998
      DATE:  06/30/2000
   SUBJECT:  Accounting standards
	     Financial statement audits
	     Audit reports
	     Federal corporations
	     Reporting requirements
	     Financial records

******************************************************************
** This file contains an ASCII representation of the text of a  **
** GAO Testimony.                                               **
**                                                              **
** No attempt has been made to display graphic images, although **
** figure captions are reproduced.  Tables are included, but    **
** may not resemble those in the printed version.               **
**                                                              **
** Please see the PDF (Portable Document Format) file, when     **
** available, for a complete electronic file of the printed     **
** document's contents.                                         **
**                                                              **
******************************************************************

GAO/AIMD-00-247R

MACROBUTTON B-285443 DOCPROPERTY B-number

   *
   * June 30, 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 United States Olympic Committee for 1997 and 1998

Dear Mr. Chairman:

   * As requested, we reviewed the audit report covering the financial
     statements of the United States Olympic Committee, a federally
     chartered corporation, for the years ended December 31, 1997 and 1998.
     The corporation exercises exclusive jurisdiction over all matters
     pertaining to the participation of the United States in the Olympic and
     Pan American Games and the organization of such games in the United
     States.
   * 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

Enclosure

(911986)

  
*** End of document. ***