Federally Chartered Corporation: Review of the Financial
Statement Audit Report for the Boy Scouts of America for 2001
(05-JUN-03, GAO-03-858R).
GAO reviewed the audit report covering the financial statements
of the Boy Scouts of America for fiscal year 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 in accordance with generally
accepted accounting principles.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-03-858R
ACCNO: A07098
TITLE: Federally Chartered Corporation: Review of the Financial
Statement Audit Report for the Boy Scouts of America for 2001
DATE: 06/05/2003
SUBJECT: Accounting standards
Audit reports
Federal corporations
Financial statement audits
Reporting requirements
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GAO-03-858R
GAO- 03- 858R Boy Scouts of America
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 Report for the Boy
Scouts of America for 2001 Dear Mr. Chairman:
As requested, we reviewed the audit report covering the financial
statements of the Boy Scouts of America, a federally chartered
corporation, for the year ended December 31, 2001. The corporation*s
purpose is to promote the ability of boys to do things for themselves and
others; to train them in scoutcraft; and to teach them patriotism,
courage, self- reliance, and kindred values.
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 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- 858R Boy Scouts of America 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
Enclosure (194227)
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