Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the Navy Club of the United States of
America for Fiscal Years 2000 and 1999 (21-AUG-01, GAO-01-1089R).
								 
GAO reviewed the audit reports covering the financial statements 
of the Navy Club of the United States of America, for fiscal	 
years 1999 and 2000. GAO found no reportable instances of	 
noncompliance. The audit reports included the auditors' opinion  
that the financial statements of the corporation were presented  
fairly in accordance with generally accepted accounting 	 
principles.							 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-01-1089R					        
    ACCNO:   A01642						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
             Statement Audit Reports for the Navy Club of the United States of
             America for Fiscal Years 2000 and 1999                           
     DATE:   08/21/2001 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Military personnel 				 
	     Reporting requirements				 

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GAO-01-1089R
     
GAO- 01- 1089R Navy Club of the United States of America

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 Reports for the Navy Club of the United States of America for Fiscal
Years 2000 and 1999

Dear Mr. Chairman: As requested, we reviewed the audit reports covering the
financial statements of the Navy Club of the United States of America, a
federally chartered corporation, for the fiscal years ended July 31, 2000
and 1999. The corporation?s purpose is to encourage, promote, and maintain
comradeship among those persons who are or have been in active service of
the United States Navy, the United States Marine Corps, or the United States
Coast Guard.

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 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.

GAO- 01- 1089R Navy Club of the United States of America Page 2 The audit
reports included the auditors? opinions that the financial statements were

presented fairly. We are returning the audit reports you sent with your
letter. Sincerely yours,

Jeffrey C. Steinhoff Managing Director Financial Management and Assurance

w/ o Enclosures (194063)
*** End of document. ***