Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the Women's Army Corps Veterans' Association for Fiscal Year
1999 (Correspondence, 10/27/2000, GAO/GAO-01-143R).

GAO reviewed the financial statement audit reports for the Women's Army
Corps Veterans' Association for fiscal year 1999. 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-01-143R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Report for the Women's Army Corps
	     Veterans' Association for Fiscal Year 1999
      DATE:  10/27/2000
   SUBJECT:  Financial statement audits
	     Audit reports
	     Federal corporations
	     Accounting standards
	     Veterans
	     Reporting requirements
	     Financial records
	     Women

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GAO-01-143R

Women's Army Corps Veterans' Association

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 Women's Army Corps Veterans' Association for Fiscal
Year 1999

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the Women's Army Corps Veterans' Association, a
federally chartered corporation, for the fiscal year ended June 30, 1999.
The corporation promotes the general welfare of all Veterans, especially
women veterans, who have served or are serving in the United States Army,
the Army Reserve, and the Army National Guard. The corporation recognizes
outstanding women in college ROTC units and provides services and support to
patients in medical facilities of the Department of Veterans Affairs
throughout the United States.

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- 143R Women's Army Corps Veterans' Association 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 (912016)
*** End of document ***