Federally Chartered Corporation: Financial Statement Audit Report
for the Jewish War Veterans of the United States of America,	 
Inc., for Fiscal Years 2005 and 2004 (05-APR-07, GAO-07-668R).	 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Jewish War Veterans of the United States of America, Inc.,
for fiscal years 2005 and 2004. GAO found no reportable instances
of noncompliance. The audit reports included the auditors'	 
opinions that, with two exceptions, the financial statements of  
the corporation were presented fairly in accordance with U.S.	 
generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-07-668R					        
    ACCNO:   A67870						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the Jewish War Veterans of the United States of 
America, Inc., for Fiscal Years 2005 and 2004			 
     DATE:   04/05/2007 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-07-668R

   

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           April 5, 2007

The Honorable F. James Sensenbrenner, Jr.
House of Representatives

Subject: Federally Chartered Corporation: Financial Statement Audit Report
for the Jewish War Veterans of the United States of America, Inc., for Fiscal
Years 2005 and 2004

Dear Mr. Sensenbrenner:

           As requested, we read the audit report covering the financial
           statements of the Jewish War Veterans of the United States of
           America, Inc., a federally chartered corporation, for the fiscal
           years ended June 30, 2005 and 2004. The corporation's purposes
           include preserving the records of patriotic service performed by
           the men and women of the Jewish faith and honoring their memory.
           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.

The audit report included the auditor's opinion that, with two exceptions,
the financial statements of the corporation were presented fairly in
accordance with U.S. generally accepted accounting principles. The first
exception relates to the fact that the auditor could not determine the
actual amount of the accrued pension liability at June 30, 2004 and the
required disclosures. The second exception relates to the fact that the
financial statements are not consolidated even though the organization has
a majority voting interest and significant economic interest in the Jewish
War Veterans, U.S.A., National Memorial, Inc. Both exceptions are
departures from accounting principles generally accepted in the United
States of America. 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

(196148)

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