Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for the National Conference of State
Societies, Washington, District of Columbia, for Fiscal Years
2001 and 2000 (10-OCT-03, GAO-04-67R).
We reviewed the audit reports covering the financial statements
of the National Conference of State Societies, Washington, DC,
for fiscal years 2001 and 2000. GAO's review disclosed no
reportable instances of noncompliance with the financial
reporting requirements of the law. The audit reports included the
auditors' opinions that the financial statements of the
corporation were presented fairly on the cash basis of
accounting.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-04-67R
ACCNO: A08699
TITLE: Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for the National Conference of State
Societies, Washington, District of Columbia, for Fiscal Years
2001 and 2000
DATE: 10/10/2003
SUBJECT: Audit reports
Financial statement audits
Reporting requirements
Federal corporations
Accounting standards
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GAO-04-67R
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 National Conferenceof State Societies,
Washington, District of Columbia, for Fiscal Years 2001 and 2000
Dear Mr. Chairman:
As requested, we reviewed the audit reports covering the financial
statements of the National Conference of State Societies, Washington,
District of Columbia, a federally chartered corporation, for the fiscal
years ended May 31, 2001 and 2000. The corporation's purpose is to promote
friendly and cooperative relations between the various state and
territorial societies in the District of Columbia, and to foster,
participate in, and encourage educational, cultural, charitable, civic,
and patriotic programs and activities in the District of Columbia.
Federally chartered corporations are required under 36 U.S.C. 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-04-67R National Conference of State Societies
The audit reports included the auditors' opinions that the financial
statements of the
corporation were presented fairly on the cash basis of accounting. The
notes to the
financial statements indicate that the corporation would have shown an
operating
deficit at May 31, 2001 and 2000 under the accrual basis of accounting. We
are
returning the audit reports you sent with your letter.
Sincerely yours,
Jeanette M. Franzel
Director
Financial Management and Assurance
w/o Enclosures
(194328)
Page 2
GAO-04-67R National Conference of State Societies
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