Federally Chartered Corporation: Financial Statement Audit Report
for the American Ex-Prisoners of War for Fiscal Year 2003
(12-MAY-06, GAO-06-685R).
GAO reviewed the audit reports covering the financial statements
of the American Ex-Prisoners of War for Fiscal Year 2003. GAO
found no reportable instances of noncompliance. The audit report
included the auditor's opinion that the financial statements of
the corporation were presented fairly on a modified cash basis of
accounting.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-06-685R
ACCNO: A53866
TITLE: Federally Chartered Corporation: Financial Statement
Audit Report for the American Ex-Prisoners of War for Fiscal Year
2003
DATE: 05/12/2006
SUBJECT: Accounting standards
Audit reports
Federal corporations
Financial statement audits
Reporting requirements
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GAO-06-685R
* PDF6-Ordering Information.pdf
* Order by Mail or Phone
May 12, 2006
The Honorable F. James Sensenbrenner, Jr.
Chairman
Committee on the Judiciary
House of Representatives
Subject: Federally Chartered Corporation: Financial Statement Audit Report
for the American Ex-Prisoners of War for Fiscal Year 2003
Dear Mr. Chairman:
As requested, we read the audit report covering the financial
statements of the
American Ex-Prisoners of War, a federally chartered corporation,
for the fiscal year ended August 31, 2003. The corporation's
purposes include assisting ex-prisoners of war and their widows
and orphans, fostering patriotism and loyalty, and maintaining
historical records.
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 on a modified cash
basis of accounting. We are returning the audit report you sent with your
letter.
This letter is intended solely for your use and the use of the Committee
on the Judiciary. 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 Lien To.
Sincerely yours,
Steven J. Sebastian
Director Financial Management and Assurance
(196098)
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