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GAO-04-25R 1 (2003-10-10)

handle is hein.gao/gaobaamid0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 October 10, 2003 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 National Federation of Music Clubs for Fiscal Year 2002 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the National Federation of Music Clubs, a federally chartered corporation, for the fiscal year ended June 30, 2002. The corporation's purpose is to encourage American musical activities. The corporation advances its objectives by granting awards and scholarships, publishing periodicals, and sponsoring various music-related activities. 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, and obtain an annual financial audit by an independent public accountant. 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-04-25R National Federation of Music Clubs

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