Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the Pearl Harbor Survivors		 
Association for Fiscal Year 2002 (10-OCT-03, GAO-04-28R).	 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Pearl Harbor Survivors Association, for fiscal year 2002. 
GAO found no reportable instances of noncompliance. 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.	 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-04-28R 					        
    ACCNO:   A08695						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the Pearl Harbor Survivors		 
Association for Fiscal Year 2002				 
     DATE:   10/10/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-04-28R

United States General Accounting Office Washington, DC 20548

October 10, 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 Pearl Harbor Survivors Association for
Fiscal Year 2002

Dear Mr. Chairman:

As requested, we reviewed the audit report covering the financial
statements of the Pearl Harbor Survivors Association, a federally
chartered corporation, for the fiscal year ended September 30, 2002. The
corporation's purpose is to collate, preserve, and encourage the study of
historical episodes, chronicles, mementos, and events pertaining to "The
Day of Infamy, 7 December 1941", and in particular those memories and
records of patriotic service performed by the heroic Pearl Harbor
survivors and nonsurvivors.

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. We also held limited discussions with the corporation's
auditors regarding potential enhancements that could be made to the
corporation'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-04-28R Pearl Harbor Survivors Association

The audit report included the auditors' opinion that, with one exception,
the financial
statements of the corporation were presented fairly on a modified cash
basis of
accounting. The exception related to the fact the auditors were not
present to
observe the physical inventory count at September 30, 2002 and the
Association's
records do not permit adequate retroactive tests of inventory balances.

We are returning the audit report you sent with your letter.

Sincerely yours,

Jeanette M. Franzel
Director
Financial Management and Assurance

w/o Enclosure

(194334)

Page 2

GAO-04-28R Pearl Harbor Survivors Association

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