Federally Chartered Corporation: Financial Statement Audit	 
Reports for the Air Force Sergeants Association for Fiscal Years 
2006 and 2005 (26-JAN-07, GAO-07-327R). 			 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Air Force Sergeants Association for fiscal years 2006 and 
2005. GAO found no reportable instances of noncompliance. The	 
audit reports include the auditor's opinions that the financial  
statements of the corporation were presented fairly in accordance
with generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-07-327R					        
    ACCNO:   A65204						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Reports for the Air Force Sergeants Association for Fiscal 
Years 2006 and 2005						 
     DATE:   01/26/2007 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-07-327R

   

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           January 26, 2007

The Honorable F. James Sensenbrenner, Jr.

House of Representatives

Subject: Federally Chartered Corporation: Financial Statement Audit
Reports for the Air Force Sergeants Association for Fiscal Years 2006 and 2005

Dear Mr. Sensenbrenner:

           As requested, we read the audit reports covering the financial
           statements of the Air Force Sergeants Association, a federally
           chartered corporation, for the fiscal years ended April 30, 2006
           and 2005. The corporation's purposes include maintaining a
           dedicated and professional corps of enlisted personnel within the
           United States Air Force, supporting fair and equitable
           legislation, and providing for the mutual welfare of members and
           their families.
           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,

                        o obtain an annual financial audit by an independent
                        public accountant, and

                        o submit the auditor's report and the corporation's
                        financial statements to the Congress.

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 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 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 letters.

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

(196132)

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