Federally Chartered Corporation: Financial Statement Audit Report
for the Pearl Harbor Survivors Association for Fiscal Year 2003  
(07-OCT-05, GAO-06-39R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Pearl Harbor Survivors Association for the fiscal year	 
ended September 30, 2003. GAO found no reportable instances of	 
noncompliance. The audit report included the auditor's opinion	 
that, with one exception, the financial statements of the	 
corporation were presented fairly on a modified cash basis of	 
accounting. The exception relates to the fact that the auditor	 
was not present to observe the physical inventory count at	 
September 30, 2003, and the corporation's records do not permit  
adequate retroactive tests of inventory balances. The corporation
reported a prior period adjustment of $11,689 to correct for	 
errors made in prior year's financial statements.		 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-06-39R 					        
    ACCNO:   A39221						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the Pearl Harbor Survivors Association for	 
Fiscal Year 2003						 
     DATE:   10/07/2005 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-06-39R

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
Report for the Pearl Harbor Survivors Association for Fiscal Year 2003

Dear Mr. Chairman:

As requested, we read the audit report covering the financial statements
of the Pearl Harbor Survivors Association, a federally chartered
corporation, for the fiscal year ended September 30, 2003. The
corporation's purposes include preserving and encouraging the study of
historical episodes, chronicles, mementos, and events pertaining to Pearl
Harbor.

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-06-39R Pearl Harbor Survivors Association, Incorporated

The audit report included the auditor's opinion that, with one exception,
the financial statements of the corporation were presented fairly on a
modified cash basis of accounting. The exception relates to the fact that
the auditor was not present to observe the physical inventory count at
September 30, 2003, and the corporation's records do not permit adequate
retroactive tests of inventory balances. The corporation reported a prior
period adjustment of $11,689 to correct for errors made in prior year's
financial statements. 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. 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 [email protected]. 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

(196062)

       Page 2 GAO-06-39R Pearl Harbor Survivors Association, Incorporated

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