Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Reserve Officers Association of	 
the United States for Fiscal Years 2002 and 2001 (18-SEP-03,	 
GAO-03-1129R).							 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Reserve Officers Association of the United States, for	 
fiscal years 2001 and 2002. GAO found no reportable instances on 
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-03-1129R					        
    ACCNO:   A08526						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the Reserve Officers Association of	 
the United States for Fiscal Years 2002 and 2001		 
     DATE:   09/18/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-03-1129R

GAO- 03- 1129R Reserve Officers Association of the United States

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 Reserve Officers Association of the United
States for Fiscal Years 2002 and 2001 Dear Mr. Chairman:

As requested, we reviewed the audit reports covering the financial
statements of the Reserve Officers Association of the United States, a
federally chartered corporation, for the fiscal years ended March 31, 2002
and 2001. The corporation*s purpose is to support a military policy for
the United States that will provide adequate national security.

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- 1129R Reserve Officers Association of the United States 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 (194343)

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