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GAO-07-669R 1 (2007-04-05)

handle is hein.gao/gaocrptavey0001 and id is 1 raw text is: S=GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 April 5, 2007 The Honorable F. James Sensenbrenner, Jr. House of Representatives Subject: Federally Chartered Corporation: Financial Statement Audit Report for the Former Members of Congress for Fiscal Year 2005 Dear Mr. Sensenbrenner: As requested, we read the audit report covering the financial statements of the Former Members of Congress, a federally chartered corporation, for the fiscal year ended December 31, 2005. The corporation's purposes include the promotion of the cause of good government at the national level by improving the public understanding of Congress as an institution and strengthening its support by the public. 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. 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 also held limited discussions with the corporation's auditor regarding potential enhancements that could be made to the corporation's financial reporting. 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 audit documentation, and we are not rendering an audit opinion. The audit report included the auditor's opinion that the financial statements of the corporation were presented fairly in accordance with U.S. generally accepted accounting principles. We are returning the audit report you sent with your letter. GAO-07-669R Former Members of Congress

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