This is the accessible text file for GAO report number GAO-03-853R entitled 'Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Air Force Sergeants Association for Fiscal Years 200-2002' which was released on June 05, 2003. This text file was formatted by the U.S. General Accounting Office (GAO) to be accessible to users with visual impairments, as part of a longer term project to improve GAO products' accessibility. Every attempt has been made to maintain the structural and data integrity of the original printed product. Accessibility features, such as text descriptions of tables, consecutively numbered footnotes placed at the end of the file, and the text of agency comment letters, are provided but may not exactly duplicate the presentation or format of the printed version. The portable document format (PDF) file is an exact electronic replica of the printed version. We welcome your feedback. Please E-mail your comments regarding the contents or accessibility features of this document to Webmaster@gao.gov. This is a work of the U.S. government and is not subject to copyright protection in the United States. It may be reproduced and distributed in its entirety without further permission from GAO. Because this work may contain copyrighted images or other material, permission from the copyright holder may be necessary if you wish to reproduce this material separately. June 5, 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: Reports for the Air Force Sergeants Association for Fiscal Years 2000- 2002: Dear Mr. Chairman: As requested, we reviewed the audit reports covering the financial statements of the Air Force Sergeants Association, a federally chartered corporation, for the fiscal years ended April 30, 2002, 2001, and 2000. The purposes of the association include helping to maintain a highly dedicated and professional corps of enlisted personnel and supporting fair and equitable legislation and Department of the Air Force policies. 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. We also held limited discussions with the association's auditors regarding potential enhancements that could be made to the association'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. The audit reports included the auditors' opinions that the financial statements of the corporation were presented fairly in accordance with generally accepted accounting principles. We are returning the audit reports you sent with your letter. Sincerely yours, Jeanette M. Franzel: Director Financial Management and Assurance: Signed by Jeanette M. Franzel: Enclosures: (194222):