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GAO-01-141R 1 (2000-10-27)

handle is hein.gao/gaobaalmn0001 and id is 1 raw text is: I G Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 October 27, 2000 The Honorable Henry J. Hyde Chairman, Committee on the Judiciary House of Representatives Subject: Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Naval Sea Cadet Corps for 1998 and 1997 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the Naval Sea Cadet Corps, a federally chartered corporation, for the years ended December 31, 1998 and 1997. The corporation's purpose, in cooperation with the Department of the Navy, is to encourage and aid American young people to develop an interest and skill in basic seamanship and its naval adaptations, and to train them in seagoing skills. 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, reviewed the auditors' report, and made inquiries to corporation officials or the auditor as we deemed necessary. We did not review the auditors' working papers. Our review disclosed no reportable instances of noncompliance. GAO-01-141R Naval Sea Cadet Corps

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