Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Fleet Reserve Association for	 
Fiscal Years 2000 and 1999 (25-JUN-01, GAO-01-894R).		 
								 
GAO reviewed the financial statement audit reports for the Fleet 
Reserve Association for fiscal year 2000 and 1999. GAO found no  
reportable instances of noncompliance, and the audit report	 
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-01-894R					        
    ACCNO:   A01285						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
             Statement Audit Report for the Fleet Reserve Association for     
             Fiscal Years 2000 and 1999                                       
     DATE:   06/25/2001 
  SUBJECT:   Audit reports					 
	     Financial statement audits 			 
	     Reporting requirements				 
	     Accounting standards				 
	     Federal corporations				 

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GAO-01-894R
     
GAO- 01- 894R Fleet Reserve Association

United States General Accounting Office Washington, DC 20548

June 25, 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 Report for the Fleet Reserve Association for Fiscal Years 2000 and
1999

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the Fleet Reserve Association, a federally chartered
corporation, for the fiscal years ended September 30, 2000 and 1999. The
corporation?s purposes are to assist members and their families who may be
in urgent need of assistance; assist in the recruitment of personnel for the
United States Navy, Marine Corps, and Coast Guard; and keep its members
informed of United States Navy, Marine Corps, and Coast Guard matters.

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- 894R Fleet Reserve 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 (194042)
*** End of document. ***