Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for the Former Members of Congress for
1999 and 1998 (27-APR-01, GAO-01-643R).
GAO reviewed the audit reports covering the financial statements
of the Former Members of Congress, for the years ended December
31, 1999 and 1998. GAO's review disclosed no reportable instances
of noncompliance. The audit reports included the auditors'
opinions that the financial statements of the corporation were
presented fairly in accordance with generally accepted accounting
principles.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-01-643R
ACCNO: A00929
TITLE: Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for the Former Members of Congress for
1999 and 1998
DATE: 04/27/2001
SUBJECT: Financial statement audits
Audit reports
Accounting standards
Federal corporations
Reporting requirements
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GAO-01-643R
Former Members of Congress
United States General Accounting Office Washington, DC 20548
April 27, 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 Former Members of Congress for 1999 and 1998
Dear Mr. Chairman: As requested, we reviewed the audit reports covering the
financial statements of the Former Members of Congress, a federally
chartered corporation, for the years ended December 31, 1999 and 1998. The
corporation?s purpose is to promote the improved public understanding of the
Congress as an institution and representative democracy as a system of
government, both domestically and internationally.
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- 643R Former Members of Congress 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 (194023)
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