Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for The Foundation of the Federal Bar
Association for Fiscal Years 2000 and 1999 (17-MAY-02,
GAO-02-756R).
GAO reviewed the audit reports covering the financial statements
of the Foundation of the Federal Bar Association for fiscal years
2000 and 1999. GAO found no reportable instances of
noncompliance. The audit reports included the auditors' opinions
that the financial statements of the corporation were presented
fairly in accordance with generally accepted accounting
principles.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-02-756R
ACCNO: A03388
TITLE: Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for The Foundation of the Federal Bar
Association for Fiscal Years 2000 and 1999
DATE: 05/17/2002
SUBJECT: Audit reports
Federal corporations
Financial statement audits
Auditing standards
Reporting requirements
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GAO-02-756R
GAO- 02- 756R The Foundation of the Federal Bar Association
United States General Accounting Office Washington, DC 20548
May 17, 2002 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
Foundation of the Federal Bar Association for Fiscal Years
2000 and 1999 Dear Mr. Chairman: As requested, we reviewed the audit reports
covering the financial statements of The Foundation of the Federal Bar
Association, a federally chartered corporation, for the fiscal years ended
September 30, 2000 and 1999. The Foundation?s purposes are to promote the
study of law through various programs and to provide for the acquisition,
presentation, and exhibition of rare objects of historical interest relating
to the law, the courts, and the legal profession.
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. 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.
GAO- 02- 756R The Foundation of the Federal Bar Association Page 2 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 Acting Director Financial Management
and Assurance
w/ o Enclosures (194099)
*** End of document. ***