Federally Chartered Corporation: Financial Statement Audit Report
for the Italian American War Veterans of the United States for	 
Fiscal Year 2003 (10-JUN-05, GAO-05-507R).			 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Italian American War Veterans of the United States, for	 
fiscal year 2001. GAO found no reportable instances of		 
noncompliance. The audit reports included the auditors' opinions 
that the financial statements of the corporation were presented  
fairly on a modified cash basis of accounting.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-05-507R					        
    ACCNO:   A26322						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the Italian American War Veterans of the United 
States for Fiscal Year 2003					 
     DATE:   06/10/2005 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-05-507R

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 Italian American War Veterans of the United States for Fiscal Year
2003

Dear Mr. Chairman:

As requested, we read the audit report covering the financial statements
of the Italian American War Veterans of the United States, a federally
chartered corporation, for the fiscal year ended August 31, 2003. 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.

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 also held limited discussions with the corporation's auditor
regarding potential enhancements that could be made to the corporation's
financial reporting. 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-05-507R Italian American War Veterans of the United States

The audit report included the auditor's opinion that the financial
statements of the
corporation were presented fairly on a modified cash basis of accounting.
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

(196047)

     Page 2 GAO-05-507R Italian American War Veterans of the United States
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