Federally Chartered Corporation: Review of the Financial Statement Audit
Reports for the Vietnam Veterans of America, Inc., for Fiscal Years 1998
and 1999 (Correspondence, 06/30/2000, GAO/AIMD-00-248R).

Pursuant to a congressional request, GAO reviewed the audit reports
covering the financial statements of the Vietnam Veterans of America,
Incorporated, for the fiscal years ended February 28, 1998 and 1999,
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 reports included the auditors' opinions that
the financial statements of the corporation were presented fairly in
accordance with generally accepted accounting principles.

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

 REPORTNUM:  AIMD-00-248R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Reports for the Vietnam Veterans of
	     America, Inc., for Fiscal Years 1998 and 1999
      DATE:  06/30/2000
   SUBJECT:  Federal corporations
	     Audit reports
	     Financial statement audits
	     Reporting requirements
	     Veterans
	     Financial records
	     Accounting standards

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GAO/AIMD-00-248R

MACROBUTTON B-285444 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

Reports for the Vietnam Veterans of America, Inc., for Fiscal Years 1998 and
1999

Dear Mr. Chairman:

   * As requested, we reviewed the audit reports covering the financial
     statements of the Vietnam Veterans of America, Inc., a federally
     chartered corporation, for the fiscal years ended February 28, 1998 and
     1999. The corporation's purpose is to assist Vietnam-era veterans and
     their families.
   * 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 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, reviewed the auditors'
reports, and made inquiries to corporation officials or the auditors as we
deemed necessary. We did not review the auditors' working papers. Our review
disclosed no reportable instances of noncompliance.

The audit reports included the auditors' opinions 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 reports you sent with your letter.

Sincerely yours,

David L. Clark

Director, Audit Oversight and Liaison

Enclosure

(911987)

  
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