Federally Chartered Corporation: Financial Statement Audit Report
for the Former Members of Congress for Fiscal Year 2005 	 
(05-APR-07, GAO-07-669R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Former Members of Congress for fiscal year 2005. GAO found
no reportable instances of noncompliance. The audit reports	 
included the auditors' opinions that the financial statements of 
the corporation were presented fairly and in accordance with	 
generally accepted accounting standards.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-07-669R					        
    ACCNO:   A67866						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the Former Members of Congress for Fiscal Year  
2005								 
     DATE:   04/05/2007 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-07-669R

   

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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 Former Members of Congress for Fiscal Year 2005

Dear Mr. Sensenbrenner:

           As requested, we read the audit report covering the financial
           statements of the Former Members of Congress, a federally
           chartered corporation, for the fiscal year ended December 31,
           2005. The corporation's purposes include the promotion of the
           cause of good government at the national level by improving the
           public understanding of Congress as an institution and
           strengthening its support by the public.
           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 audit documentation,
and we are not rendering an audit opinion.

The audit report included the auditor's opinion that the financial
statements of the corporation were presented fairly in accordance with
U.S. generally accepted accounting principles. 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

(196149)

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