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GAO-02-980R 1 (2002-07-26)

handle is hein.gao/gaobaamas0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 July 26, 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 Reports for the Civil Air Patrol for Fiscal Years 1999 and 1998 Dear Mr. Chairman: As requested, we reviewed the audit reports covering the financial statements of the Civil Air Patrol, a federally chartered corporation, for the fiscal years ended September 30, 1999 and 1998. The purpose of the corporation is to encourage and foster civil aviation in local communities and to provide adequate facilities to assist in meeting local and national emergencies. 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 reports 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' reports. However, we did not review the auditors' working papers, and we are not rendering an audit opinion. GAO-02-980R Civil Air Patrol

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