Federally-Chartered Corporation: Review of the Financial
Statement Audit Report for the Non Commissioned Officers
Association of the United States of America, Incorporated, for
2000 and 1999 (17-MAY-02, GAO-02-761R).
GAO reviewed the audit report covering the financial statements
of the Non Commissioned Officers Association of the United States
of America, Incorporated, for fiscal years 2000 and 1999. GAO
found 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 general
accounting principles.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-02-761R
ACCNO: A03383
TITLE: Federally-Chartered Corporation: Review of the Financial
Statement Audit Report for the Non Commissioned Officers
Association of the United States of America, Incorporated, for
2000 and 1999
DATE: 05/17/2002
SUBJECT: Federal corporations
Financial statement audits
Accounting standards
Audit reports
Reporting requirements
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GAO-02-761R
GAO- 02- 761R Non Commissioned Officers Association of the U. S. A., Inc.
United States General Accounting Office Washington, DC 20548
May 17, 2002 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 Non
Commissioned Officers Association of the United States of America,
Incorporated, for 2000 and 1999 Dear Mr. Chairman:
As requested, we reviewed the audit report covering the financial statements
of the Non Commissioned Officers Association of the United States of
America, Incorporated, a federally chartered corporation, for the years
ended December 31, 2000 and 1999. The corporation is an association of
active, reserve, national guard, and retired non commissioned and petty
officers of the Armed Forces of the United States of America.
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, and reviewed the auditors? report. We
also held limited discussions with the corporation?s auditors regarding
potential enhancements that could be made to the corporation?s financial
reporting. However, we did not review
the auditors? working papers, and we are not rendering an audit opinion. Our
review disclosed no reportable instances of noncompliance with the financial
reporting requirements of the law.
GAO- 02- 761R Non Commissioned Officers Association of the U. S. A., Inc.
Page 2 The corporation reported that its liabilities exceeded its assets by
approximately
$338,000 and $598,000 at the end of 2000 and 1999, respectively. 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, Jeanette M. Franzel Acting Director Financial Management
and Assurance
w/ o Enclosure (194104)
*** End of document. ***