Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the Former Member of Congress for	 
2002 and 2001 (07-AUG-03, GAO-03-1077R).			 
                                                                 
GAO reviews the audit reports covering the financial statements  
of the Former Member of Congress for fiscal years 2001 and 2002. 
GAO found no reportable instances of noncompliance. The audit	 
report included auditors' opinions that the financial statements 
of the corporation were presented fairly in accordance with	 
generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-03-1077R					        
    ACCNO:   A07919						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the Former Member of Congress for	 
2002 and 2001							 
     DATE:   08/07/2003 
  SUBJECT:   Audit reports					 
	     Financial statement audits 			 
	     Accounting standards				 
	     Reporting requirements				 
	     Federal corporations				 

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GAO-03-1077R

GAO- 03- 1077R Former Members of Congress

United States General Accounting Office Washington, DC 20548

August 7, 2003 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 2002 and
2001 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, 2002 and 2001. 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. S:10101 to

present the corporation*s assets and liabilities and reasonable detail on
the corporation*s income and expenses in annual financial statements, and

obtain an annual financial audit by an independent public accountant. 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, and reviewed the
auditors* reports. 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- 03- 1077R 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 U. S. generally
accepted accounting principles. We are returning the audit reports you
sent with your letter.

Sincerely yours, Jeanette M. Franzel Director Financial Management and
Assurance

w/ o Enclosures (194263)
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