Federally Chartered Corporation: Financial Statement Audit Report
for the Former Members of Congress, Incorporated, for Fiscal Year
2003 (10-JUN-05, GAO-05-503R).
GAO reviewed the audit reports covering the financial statements
of the Former Members of Congress, Incorporated, for fiscal year
2003. GAO found no reportable instances of noncompliance. The
audit reports included the auditors' opinion that the financial
statements of the corporation were presented fairly in accordance
with generally accepted accounting principles.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-05-503R
ACCNO: A26319
TITLE: Federally Chartered Corporation: Financial Statement
Audit Report for the Former Members of Congress, Incorporated,
for Fiscal Year 2003
DATE: 06/10/2005
SUBJECT: Financial statement audits
Audit reports
Accounting standards
Reporting requirements
Federal corporations
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GAO-05-503R
United States Government Accountability Office Washington, DC 20548
June 10, 2005
The Honorable F. James Sensenbrenner, Jr.
Chairman
Committee on the Judiciary
House of Representatives
Subject: Federally Chartered Corporation: Financial Statement Audit Report
for the Former Members of Congress, Incorporated, for Fiscal Year 2003
Dear Mr. Chairman:
As requested, we read the audit report covering the financial statements
of the Former Members of Congress, Incorporated, a federally chartered
corporation, for the fiscal year ended December 31, 2003. The
corporation's purpose is to promote and improve public understanding of
the Congress as an institution and representative democracy as a system of
government, both domestically and internationally.
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.
Our objective was to advise you of any matters in the report regarding
compliance with the financial reporting requirements of the law. In
carrying out our work, we read the corporation's financial statements and
the accompanying notes, performed certain analytical procedures related to
information presented in the financial statements, and read the auditor's
report. We did not identify any instance of noncompliance with the above
financial reporting requirements of the law.
We did not perform an audit or review the auditor's working papers, and we
are not rendering an audit opinion.
GAO-05-503R Former Members of Congress, Incorporated
The audit report included the auditor's opinion that the financial
statements of the
corporation were presented fairly in accordance with United States
generally
accepted accounting principles. We are returning the audit report you sent
with your
letter.
This letter is intended solely for your use and the use of the Committee
on the
Judiciary.
Sincerely yours,
Steven J. Sebastian
Director
Financial Management and Assurance
w/o Enclosure
(196042)
Page 2 GAO-05-503R Former Members of Congress, Incorporated
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