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GAO-05-502R 1 (2005-06-10)

handle is hein.gao/gaocrptaroi0001 and id is 1 raw text is: SGAO Accountability * Integrity Reliability United States Government Accountability Office Washington, DC 20548 June 10, 2005 The Honorable F. James Sensenbrenner, Jr. Chairman Committee on the Judiciary House of Representatives Subject: Federally Chartered Corporation: Financial Statement Audit Reportfor the Fleet Reserve Association for Fiscal Years 2003 and 2002 Dear Mr. Chairman: As requested, we read the audit report covering the financial statements of the Fleet Reserve Association, a federally chartered corporation, for the fiscal years ended December 31, 2003, and 2002. The corporation's purposes are to assist members and their families who may be in urgent need of assistance; assist in the recruitment of personnel for the United States Navy, Marine Corps, and Coast Guard; and keep its members informed of United States Navy, Marine Corps, and Coast Guard matters. 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 auditor's report and the corporation's financial statements to the Congress. 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 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 working papers, and we are not rendering an audit opinion. GAO-05-502R Fleet Reserve Association

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