Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the Italian American War Veterans of 
the United States for Fiscal Years 2000-2002 (10-OCT-03,	 
GAO-04-65R).							 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Italian American War Veterans of the United States for	 
fiscal years 2002, 2001 and 2000. GAO found no reportable	 
instances of noncompliance with the financial reporting 	 
requirements. The audit report included the auditors' opinions	 
that the financial statements of the corporation were presented  
fairly on the cash basis of accounting. 			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-04-65R 					        
    ACCNO:   A08697						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the Italian American War Veterans of 
the United States for Fiscal Years 2000-2002			 
     DATE:   10/10/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

******************************************************************
** This file contains an ASCII representation of the text of a  **
** GAO Product.                                                 **
**                                                              **
** No attempt has been made to display graphic images, although **
** figure captions are reproduced.  Tables are included, but    **
** may not resemble those in the printed version.               **
**                                                              **
** Please see the PDF (Portable Document Format) file, when     **
** available, for a complete electronic file of the printed     **
** document's contents.                                         **
**                                                              **
******************************************************************
GAO-04-65R

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 Reports for the Italian American War Veterans of the
United Statesfor Fiscal Years 2000-2002

Dear Mr. Chairman:

As requested, we reviewed the audit reports covering the financial
statements of the Italian American War Veterans of the United States, a
federally chartered corporation, for the fiscal years ended August 31,
2002, 2001, and 2000. The corporation preserves the memories and records
of patriotic service performed by Italian American men and women who
served in the Armed Forces.

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 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. 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-04-65R Italian American War Veterans of the United States

The audit reports included the auditors' opinions that the financial
statements of the
corporation were presented fairly on the cash basis of accounting. We are
returning
the audit reports you sent with your letters.

Sincerely yours,

Jeanette M. Franzel
Director
Financial Management and Assurance

w/o Enclosures

(194326)

Page 2

GAO-04-65R Italian American War Veterans of the United States

The General Accounting Office, the audit, evaluation and investigative arm
of

GAO's Mission 	Congress, exists to support Congress in meeting its
constitutional responsibilities and to help improve the performance and
accountability of the federal government for the American people. GAO
examines the use of public funds; evaluates federal programs and policies;
and provides analyses, recommendations, and other assistance to help
Congress make informed oversight, policy, and funding decisions. GAO's
commitment to good government is reflected in its core values of
accountability, integrity, and reliability.

The fastest and easiest way to obtain copies of GAO documents at no cost
is through the Internet. GAO's Web site (www.gao.gov) contains abstracts
and full-

Obtaining Copies of GAO Reports and Testimony

text files of current reports and testimony and an expanding archive of
older products. The Web site features a search engine to help you locate
documents using key words and phrases. You can print these documents in
their entirety, including charts and other graphics.

Each day, GAO issues a list of newly released reports, testimony, and
correspondence. GAO posts this list, known as "Today's Reports," on its
Web site daily. The list contains links to the full-text document files.
To have GAO e-mail this list to you every afternoon, go to www.gao.gov and
select "Subscribe to e-mail alerts" under the "Order GAO Products"
heading.

Order by Mail or Phone 	The first copy of each printed report is free.
Additional copies are $2 each. A check or money order should be made out
to the Superintendent of Documents. GAO also accepts VISA and Mastercard.
Orders for 100 or more copies mailed to a single address are discounted 25
percent. Orders should be sent to:

U.S. General Accounting Office 441 G Street NW, Room LM Washington, D.C.
20548

To order by Phone: 	Voice: (202) 512-6000 TDD: (202) 512-2537 Fax: (202)
512-6061

To Report Fraud,	Contact: Web site: www.gao.gov/fraudnet/fraudnet.htm

                  Waste, and Abuse in E-mail: [email protected]

Federal Programs Automated answering system: (800) 424-5454 or (202)
512-7470

Public Affairs 	Jeff Nelligan, Managing Director, [email protected] (202)
512-4800 U.S. General Accounting Office, 441 G Street NW, Room 7149
Washington, D.C. 20548

This is a work of the U.S. government and is not subject to copyright
protection in the United States. It may be reproduced and distributed in
its entirety without further permission from GAO. However, because this
work may contain copyrighted images or other material, permission from the
copyright holder may be necessary if you wish to reproduce this material
separately.
*** End of document. ***