Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the Air Force Sergeants Association  
for Fiscal Years 2000-2002 (05-JUN-03, GAO-03-853R).		 
                                                                 
We reviewed the audit reports covering the financial statements  
of the Air Force Sergeants Association, for fiscal years 2002,	 
2001, and 2000. Our review disclosed no reportable instances of  
noncompliance with the financial reporting requirements of the	 
law. 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-03-853R					        
    ACCNO:   A07093						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the Air Force Sergeants Association  
for Fiscal Years 2000-2002					 
     DATE:   06/05/2003 
  SUBJECT:   Audit reports					 
	     Financial statement audits 			 
	     Accounting standards				 
	     Federal corporations				 
	     Reporting requirements				 

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GAO-03-853R

GAO- 03- 853R Air Force Sergeants Association United States General
Accounting Office Washington, DC 20548

June 5, 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 Air Force Sergeants Association for Fiscal Years 2000-
2002 Dear Mr. Chairman: As requested, we reviewed the audit reports
covering the financial statements of the Air Force Sergeants Association,
a federally chartered corporation, for the fiscal years ended April 30,
2002, 2001, and 2000. The purposes of the association include helping to
maintain a highly dedicated and professional corps of enlisted personnel
and supporting fair and equitable legislation and Department of the Air
Force policies. 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 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. We also held limited discussions with the association*s
auditors regarding potential enhancements that could be made to the
association*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- 03- 853R Air Force Sergeants Association Page 2 The audit reports
included the auditors* opinions that the financial statements of the

corporation were presented fairly in accordance with 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

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