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.

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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):