Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the Navy Club of the United States of America for Fiscal Year
1998 (Correspondence, 10/27/2000, GAO/GAO-01-142R).

GAO reviewed the financial statement audit reports for the Navy Club of
the United States of America for fiscal year 1998. GAO found no
reportable instances of noncompliance with the requirements of the law,
and the audit report included the auditor's opinion that the financial
statements of the corporation were presented fairly in accordance with
generally accepted accounting principles.

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

 REPORTNUM:  GAO-01-142R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Report for the Navy Club of the
	     United States of America for Fiscal Year 1998
      DATE:  10/27/2000
   SUBJECT:  Financial statement audits
	     Audit reports
	     Federal corporations
	     Reporting requirements
	     Corporate audits
	     Financial records
	     Accounting standards

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GAO-01-142R

Navy Club of the United States of America

United States General Accounting Office Washington, DC 20548

October 27, 2000 The Honorable Henry J. Hyde Chairman, Committee on the
Judiciary House of Representatives

Subject: Federally Chartered Corporation: Review of the Financial Statement
Audit Report for the Navy Club of the United States of America for Fiscal
Year 1998

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the Navy Club of the United States of America, a
federally chartered corporation, for the fiscal year ended July 31, 1998.
The main purpose of the corporation is to further, 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

ï¿½ present the corporation's assets and liabilities and reasonable detail on
the corporation's income and expenses in annual financial statements,

ï¿½ obtain an annual financial audit by an independent public accountant, and

ï¿½ 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 auditor as we
deemed necessary. We did not review the auditors' working papers. Our review
disclosed no reportable instances of noncompliance.

GAO- 01- 142R Navy Club of the United States of America Page 2 The audit
report included the auditors' opinion that the financial statements are
fairly

presented. 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 (912013)
*** End of document ***