Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the Navy Wives Clubs of America for  
Fiscal Years 1998-2000 (21-AUG-01, GAO-01-1090R).		 
								 
GAO reviewed the audit reports covering the financial statements 
of the Navy Wives Clubs of America, for fiscal years 1998-2000.  
GAO found no reportable instances of noncompliance. 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:   GAO-01-1090R					        
    ACCNO:   A01643						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
             Statement Audit Reports for the Navy Wives Clubs of America for  
             Fiscal Years 1998-2000                                           
     DATE:   08/21/2001 
  SUBJECT:   Financial statement audits 			 
	     Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Reporting requirements				 

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GAO-01-1090R
     
GAO- 01- 1090R Navy Wives Clubs 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 Wives Clubs of America for Fiscal Years 1998-
2000

Dear Mr. Chairman: As requested, we reviewed the audit reports covering the
financial statements of the Navy Wives Clubs of America, a federally
chartered corporation, for the fiscal years ended August 31, 2000, 1999, and
1998. The corporation?s purpose is to promote a friendly relationship
between the wives of enlisted men who are serving in the active Navy, Marine
Corps, and Coast Guard or in the Active Reserves of those services.

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- 1090R Navy Wives Clubs of America Page 2 The audit reports included
the auditors? opinions that the financial statements of the

corporation 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 (194064)
*** End of document. ***