Federally Chartered Corporation: Financial Statement Audit Report
for the Pearl Harbor Survivors Association for Fiscal Year 2005  
(26-JAN-07, GAO-07-326R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Pearl Harbor Survivors Association for fiscal year ended  
September 30, 2005. 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, 2005, and the corporation's records do not permit  
adequate retroactive tests of inventory balances.		 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-07-326R					        
    ACCNO:   A65194						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the Pearl Harbor Survivors Association for	 
Fiscal Year 2005						 
     DATE:   01/26/2007 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-07-326R

   

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           January 26, 2007

The Honorable F. James Sensenbrenner, Jr.

House of Representatives

Subject: Federally Chartered Corporation: Financial Statement Audit Report
for the Pearl Harbor Survivors Association for Fiscal Year 2005

Dear Mr. Sensenbrenner:

           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,
           2005. 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 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 audit documentation,
and we are not rendering an audit opinion. However, we did hold limited
discussions with the corporation's auditor regarding potential
enhancements to the corporation's financial reporting.

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, 2005, and the corporation's records do not permit adequate
retroactive tests of inventory balances. We are returning the audit report
you sent with your letter.

This letter is intended solely for your use. 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 Charles Payton, Assistant Director; David Elder; and
Franklin Ng.

Sincerely yours,

Steven J. Sebastian
Director
Financial Management and Assurance

(196131)

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