Federally Chartered Corporation: Financial Statement Audit
Reports for the National Music Council for Fiscal Years 1993-2001
(07-OCT-05, GAO-06-159R).
GAO reviewed the audit reports covering the financial statements
of the National Music Council for Fiscal Years 1993-2001. GAO
found no reportable instances of noncompliance. The audit reports
included the auditors' opinions that the financial statements of
the corporation were presented fairly in accordance with U.S.
generally accepted accounting principles.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-06-159R
ACCNO: A39219
TITLE: Federally Chartered Corporation: Financial Statement
Audit Reports for the National Music Council for Fiscal Years
1993-2001
DATE: 10/07/2005
SUBJECT: Accounting standards
Audit reports
Federal corporations
Financial statement audits
Reporting requirements
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GAO-06-159R
United States Government Accountability Office Washington, DC 20548
October 7, 2005
The Honorable F. James Sensenbrenner, Jr.
Chairman
Committee on the Judiciary
House of Representatives
Subject: Federally Chartered Corporation: Financial Statement Audit
Reports for the National Music Council for Fiscal Years 1993-2001
Dear Mr. Chairman:
As requested, we read the audit reports covering the financial statements
of the National Music Council, a federally chartered corporation, for the
fiscal years ended September 30, 1993, through September 30, 2001. The
corporation was established to provide a forum for discussion of the
United States' music affairs and problems, act as a clearing house for the
joint opinion and decision of its members, and work as a force to
strengthen the importance of music in life and culture.
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 reports 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
reports. 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-06-159R National Music Council
The audit reports included the auditor's opinions that the financial
statements of the corporation were presented fairly in accordance with
U.S. generally accepted accounting principles. We are returning the audit
reports you sent with your letter.
This letter is intended solely for your use and the use of the Committee
on the Judiciary. This letter will be available at no charge on GAO's Web
site at http://www.gao.gov.
If you have any questions or would like to discuss this letter, please
contact me at (202) 512-3406 or by e-mail at sebastians@gao.gov. Contact
points for our Offices of Congressional Relations and Public Affairs may
be found on the last page of this letter. Key contributors to this letter
were David Elder, Charles Payton, and Lien To.
Sincerely yours,
Steven J. Sebastian
Director
Financial Management and Assurance
(196058)
Page 2 GAO-06-159R National Music Council
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