Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Navy Club of the United States of America for Fiscal Year 1998
GENERAL ACCOUNTING OFFICE WASHINGTON DC
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As requested, the General Accounting Office GAO reviewed the audit report covering the financial statements of the Navy Club of the United States of America, a federally chartered corporation, for the fiscal year ended July 31, 1998. The main purpose of the corporation is to further, encourage, promote, and maintain comradeship among those persons who are or have been in active service of the United States Navy, the United States Marine Corps, or the United States Coast Guard. Federally chartered corporations are required under 36 U.S.C. 10101 to 1 present the corporations assets and liabilities and reasonable detail on the corporations income and expenses in annual financial statements 2 obtain an annual financial audit by an independent public accountant, and 3 submit the auditors report and the corporations financial statements to the Congress. The objective of GAOs review was to determine whether the audit report complied with the financial reporting requirements of the law. In carrying out its work, GAO reviewed the corporations financial statements and the accompanying notes, performed certain analytical procedures related to information presented in the financial statements, reviewed the auditors report, and made inquiries to corporation officials or the auditor as deemed necessary. GAO did not review the auditors working papers. GAOs review disclosed no reportable instances of noncompliance.
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