Federally Chartered Corporation: Rview of the Financial Statement
Audit Report for the Civil Air Patrol for Fiscal Year 2000
(05-JUN-03, GAO-03-859R).
GAO reviewed the audit report covering the financial statements
of the Civil Air Patrol for fiscal year 2000. GAO did not review
the auditors' working papers and is not rendering an audit
opinion. The audit report included the auditors' opinion that
with one exception, the financial statements of the corporation
were presented fairly in accordance with generally accepted
accounting principles. The exception related to six wings as a
region as well as unites below using level not being audited and
not being included in these financial statements.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-03-859R
ACCNO: A07099
TITLE: Federally Chartered Corporation: Rview of the Financial
Statement Audit Report for the Civil Air Patrol for Fiscal Year
2000
DATE: 06/05/2003
SUBJECT: Audit reports
Accounting standards
Federal corporations
Financial statement audits
Reporting requirements
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GAO-03-859R
GAO- 03- 859R Civil Air Patrol
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 Civil
Air Patrol for Fiscal Year 2000 Dear Mr. Chairman:
As requested, we reviewed the audit report covering the financial
statements of the Civil Air Patrol, a federally chartered corporation, for
the fiscal year ended September 30, 2000. The purpose of the corporation
is to encourage and foster civil aviation in local communities and to
provide adequate facilities to assist in meeting local and national
emergencies.
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.
GAO- 03- 859R Civil Air Patrol Page 2 The audit report for fiscal year
2000 included the auditors* opinion that with one
exception, the financial statements of the corporation were presented
fairly in accordance with U. S. generally accepted accounting principles.
The exception related to six wings and a region as well as units below
wing level not being audited and not being included in these financial
statements. The exception is discussed in detail in the notes to the
financial statements and in the auditors* report.
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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