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AIMD-99-158R 1 (1999-05-07)

handle is hein.gao/gaobacmzh0001 and id is 1 raw text is: United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-281863 May 7, 1999 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 United States Olympic Committee for 1997 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the United States Olympic Committee, a federally chartered corporation, for the year ended December 31, 1997. The corporation exercises exclusive jurisdiction over all matters pertaining to the participation of the United States in the Olympic and Pan American Games and the organization of such games in the United States. Federally chartered corporations are required under 36 U.S.C. 1102-1103 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 auditor's 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 auditor's report, and made inquiries to corporation officials or the auditor as we deemed necessary. We did not review the auditor's working papers. Our review disclosed no reportable instances of noncompliance. GAO/AIMD-99-158R United States Olympic Committee

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