Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the National Society, Daughters of the
American Colonists for Fiscal Year 2000 (21-AUG-01,		 
GAO-01-1088R).							 
								 
GAO reviewed the audit report covering the financial statements  
of the National Society, Daughters of the American Colonists for 
fiscal year 2000. GAO found no reportable instances of		 
noncompliance. The audit report included the auditors' opinions  
that the financial statements of the corporation were presented  
fairly in accordance with generally accepted accounting 	 
principles.							 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-01-1088R					        
    ACCNO:   A01641						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
             Statement Audit Report for the National Society, Daughters of the
             American Colonists for Fiscal Year 2000                          
     DATE:   08/21/2001 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-01-1088R
     
GAO- 01- 1088R National Society, Daughters of the American Colonists

United States General Accounting Office Washington, DC 20548

August 21, 2001 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 National Society, Daughters of the American Colonists
for Fiscal Year 2000

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the National Society, Daughters of the American
Colonists, a federally chartered corporation, for the fiscal year ended
February 29, 2000. The corporation provides scholarships and awards,
publishes a yearbook, and participates in a variety of patriotic projects.

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 auditors? 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 auditors?
report, 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.

GAO- 01- 1088R National Society, Daughters of the American Colonists Page 2
The audit report included the auditors? opinion that the financial
statements of the

corporation were presented fairly in accordance with generally accepted
accounting principles. We are returning the audit report you sent with your
letter.

Sincerely yours, Jeffrey C. Steinhoff Managing Director Financial Management
and Assurance

w/ o Enclosure (194062)
*** End of document. ***