Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the Reserve Officers Association of the United States for
Fiscal Year 1999 (Correspondence, 10/27/2000, GAO/GAO-01-170R).

GAO reviewed the financial statement audit reports for the Reserve
Officers Association's 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-01-170R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Report for the Reserve Officers
	     Association of the United States for Fiscal Year 1999
      DATE:  10/27/2000
   SUBJECT:  Audit reports
	     Financial statement audits
	     Federal corporations
	     Accounting standards
	     Reporting requirements
	     Financial records

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GAO-01-170R

Reserve Officers Association of the United States

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 Reserve Officers Association of the United States for
Fiscal Year 1999

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, 1999. 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

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

GAO- 01- 170R 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

Enclosure (912015)
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