Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the Paralyzed Veterans of America for Fiscal Years 1999 and
1998 (Correspondence, 10/27/2000, GAO/GAO-01-169R).
GAO reviewed the financial statement audit reports for the Paralyzed
Veterans of America's for fiscal years 1999 and 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-01-169R
TITLE: Federally Chartered Corporation: Review of the Financial
Statement Audit Report for the Paralyzed Veterans of
America for Fiscal Years 1999 and 1998
DATE: 10/27/2000
SUBJECT: Audit reports
Financial statement audits
Federal corporations
Accounting standards
Reporting requirements
Financial records
Veterans
Persons with disabilities
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GAO-01-169R
Paralyzed Veterans 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 Paralyzed Veterans of America for Fiscal Years 1999 and
1998
Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the Paralyzed Veterans of America, a federally
chartered corporation, for the fiscal years ended September 30, 1999 and
1998. The corporation's purpose is to form a national association for the
benefit of persons who have suffered injuries or diseases of the spinal
cord, acquaint the public with the needs and problems of paraplegics, and
promote medical research in the several fields connected with injuries and
diseases of the spinal cord.
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- 169R Paralyzed Veterans of America 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
Enclosure (912014)
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