Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Reserve Officers Association of	 
the United States for Fiscal Year 2000 (21-AUG-01, GAO-01-1091R).
								 
GAO reviewed the audit report covering the financial statements  
of the Reserve Officers Association of the United States for	 
fiscal year 2000. GAO found no reportable instances of		 
noncompliance. The audit report 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-01-1091R					        
    ACCNO:   A01644						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
             Statement Audit Report for the Reserve Officers Association of   
             the United States for Fiscal Year 2000                           
     DATE:   08/21/2001 
  SUBJECT:   Financial statement audits 			 
	     Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Reporting requirements				 

******************************************************************
** 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-01-1091R
     
GAO- 01- 1091R Reserve Officers Association of the United States

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 Reserve Officers Association of the United States for
Fiscal Year 2000

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the Reserve Officers Association of the United
States, a federally chartered corporation, for the fiscal year ended March
31, 2000. The corporation?s purpose is to support a military policy for the
United States that will provide adequate national security.

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- 1091R Reserve Officers Association of the United States 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

GAO- 01- 1091R Reserve Officers Association of the United States Page 3
(194065)
*** End of document. ***