Federally-Chartered Corporation: Review of the Financial Statement Audit Report for the Non Commissioned Officers Association of the United States of America, Incorporated, for 2000 and 1999 (17-MAY-02, GAO-02-761R). GAO reviewed the audit report covering the financial statements of the Non Commissioned Officers Association of the United States of America, Incorporated, for fiscal years 2000 and 1999. GAO found no reportable instances of noncompliance. The audit reports included the auditors' opinions that the financial statements of the corporation were presented fairly in accordance with general accounting principles. -------------------------Indexing Terms------------------------- REPORTNUM: GAO-02-761R ACCNO: A03383 TITLE: Federally-Chartered Corporation: Review of the Financial Statement Audit Report for the Non Commissioned Officers Association of the United States of America, Incorporated, for 2000 and 1999 DATE: 05/17/2002 SUBJECT: Federal corporations Financial statement audits Accounting standards Audit reports Reporting requirements ****************************************************************** ** This file contains an ASCII representation of the text of a ** ** GAO Product. ** ** ** ** No attempt has been made to display graphic images, although ** ** figure captions are reproduced. Tables are included, but ** ** may not resemble those in the printed version. ** ** ** ** Please see the PDF (Portable Document Format) file, when ** ** available, for a complete electronic file of the printed ** ** document's contents. ** ** ** ****************************************************************** GAO-02-761R GAO- 02- 761R Non Commissioned Officers Association of the U. S. A., Inc. United States General Accounting Office Washington, DC 20548 May 17, 2002 The Honorable F. James Sensenbrenner, Jr. Chairman, Committee on the Judiciary House of Representatives Subject: Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Non Commissioned Officers Association of the United States of America, Incorporated, for 2000 and 1999 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the Non Commissioned Officers Association of the United States of America, Incorporated, a federally chartered corporation, for the years ended December 31, 2000 and 1999. The corporation is an association of active, reserve, national guard, and retired non commissioned and petty officers of the Armed Forces of the United States of America. Federally chartered corporations are required under 36 U. S. C. 10101 to present the corporation?s assets and liabilities and reasonable detail on the corporation?s income and expenses in annual financial statements, obtain an annual financial audit by an independent public accountant, and submit the auditors? report and the corporation?s financial statements to the Congress. The objective of our review was to determine whether the audit report complied with the financial reporting requirements of the law. In carrying out our work, we reviewed the corporation?s financial statements and the accompanying notes, performed certain analytical procedures related to information presented in the financial statements, and reviewed the auditors? report. We also held limited discussions with the corporation?s auditors regarding potential enhancements that could be made to the corporation?s financial reporting. However, we did not review the auditors? working papers, and we are not rendering an audit opinion. Our review disclosed no reportable instances of noncompliance with the financial reporting requirements of the law. GAO- 02- 761R Non Commissioned Officers Association of the U. S. A., Inc. Page 2 The corporation reported that its liabilities exceeded its assets by approximately $338,000 and $598,000 at the end of 2000 and 1999, respectively. The audit report included the auditors? opinion that the financial statements of the corporation were presented fairly in accordance with generally accepted accounting principles. We are returning the audit report you sent with your letter. Sincerely yours, Jeanette M. Franzel Acting Director Financial Management and Assurance w/ o Enclosure (194104) *** End of document. ***