Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Civil Air Patrol for Fiscal Year  
2001 (21-NOV-03, GAO-04-183R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Civil Air Patrol, for fiscal year 2001. GAO did not review
the auditors' working papers and is not rendering an audit	 
opinion. The audit reports 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 the units below  
wing level not being audited and not being included in these	 
financial statements.						 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-04-183R					        
    ACCNO:   A08924						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the Civil Air Patrol for Fiscal Year  
2001								 
     DATE:   11/21/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-04-183R

United States General Accounting Office Washington, DC 20548

November 21, 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 2001

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, 2001. 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

o  	present the corporation's assets and liabilities and reasonable detail
on the corporation's income and expenses in annual financial statements,
and

o  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-04-183R Civil Air Patrol

The audit report for fiscal year 2001 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 units below wing level not being audited and not being included
in these
financial statements. The exception is discussed 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

w/o Enclosure

(194360)

Page 2

GAO-04-183R Civil Air Patrol

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