Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the Veterans of Foreign Wars of the  
United States for Fiscal Years 1997-1999 (20-FEB-01,		 
GAO-01-400R).							 
								 
GAO reviewed the financial statement audit reports for the	 
Veterans of Foreign Wars of the United States for fiscal years	 
ended 1999, 1998, and 1997. GAO found no reportable instances of 
noncompliance with the requirements of the law, and the audit	 
reports included the auditors' opinions that the corporation's	 
financial statements were presented fairly in accordance with	 
generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-01-400R					        
    ACCNO:   164522						        
    TITLE:   Federally Chartered Corporation: Review of the Financial 
             Statement Audit Reports for the Veterans of Foreign Wars of the  
             United States for Fiscal Years 1997-1999                         
     DATE:   02/20/2001 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Corporate audits					 
	     Federal corporations				 
	     Financial records					 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-01-400R

Veterans of Foreign Wars of the United States

United States General Accounting Office Washington, DC 20548

February 20, 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 Reports for the Veterans of Foreign Wars of the United States for
Fiscal Years 1997- 1999

Dear Mr. Chairman: As requested, we reviewed the audit reports covering the
financial statements of the Veterans of Foreign Wars of the United States, a
federally chartered corporation, for the fiscal years ended August 31, 1999,
1998, and 1997. The corporation perpetuates the memory and history of
deceased veterans and assists veterans and their families.

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 reports
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'
reports, 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- 400R Veterans of Foreign Wars of the United States Page 2 The
audit reports included the auditors' opinions that the financial statements
of the

corporation were presented fairly in accordance with generally accepted
accounting principles. We are returning the audit reports you sent with your
letter.

Sincerely yours, Jeffrey C. Steinhoff Managing Director Financial Management
and Assurance

w/ o Enclosures (194012)
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