Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Fleet Reserve association for 2002
(18-SEP-03, GAO-03-1123R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Fleet Reserve Association, for fiscal year 2002. 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	 
generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-03-1123R					        
    ACCNO:   A08520						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the Fleet Reserve association for 2002
     DATE:   09/18/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-03-1123R

GAO- 03- 1123R Fleet Reserve Association

United States General Accounting Office Washington, DC 20548

September 18, 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 Report for the Fleet Reserve Association for 2002 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 year ended December 31, 2002. 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. S: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. 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- 1123R 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 U. S. generally
accepted accounting principles. We are returning the audit report you sent
with your letter.

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

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