Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Military Order of the World Wars  
for Fiscal Years 2002 and 2001 (18-SEP-03, GAO-03-1125R).	 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Military Order of the World Wars for fiscal years 2002 and
2001. GAO found no reportable instances of noncompliance. The	 
audit reports included the auditors' opinions that the financial 
statements of the corporation were presented fairly on a modified
cash basis of accounting.					 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-03-1125R					        
    ACCNO:   A08522						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the Military Order of the World Wars  
for Fiscal Years 2002 and 2001					 
     DATE:   09/18/2003 
  SUBJECT:   Audit reports					 
	     Financial statement audits 			 
	     Accounting standards				 
	     Reporting requirements				 
	     Federal corporations				 

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GAO-03-1125R

GAO- 03- 1125R Military Order of the World Wars

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 Reports for the Military Order of the World Wars for
Fiscal Years 2002 and 2001 Dear Mr. Chairman:

As requested, we reviewed the audit reports covering the financial
statements of the Military Order of the World Wars, a federally chartered
corporation, for the fiscal years ended June 30, 2002 and 2001. The
corporation*s purpose is to promote military service associations;
patriotic education; and military, naval, and air science.

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 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- 1125R Military Order of the World Wars Page 2 The audit reports
included the auditors* opinions that the financial statements of the

corporation were presented fairly on a modified cash basis of accounting.
We are returning the audit reports you sent with your letters.

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

w/ o Enclosures (194339)

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