Federally Chartered Corporation: Review of the Financial Statement Audit Reports for the Fleet Reserve Association for Fiscal Years 1997-1999

AIMD-00-160R: May 5, 2000

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Pursuant to a congressional request, GAO reviewed the audit reports covering the financial statements of the Fleet Reserve Association for the fiscal years ended September 30, 1997, 1998, and 1999, focusing on whether the audit reports complied with the financial reporting requirements of the law.

GAO noted that: (1) nothing came to GAO's attention that would cause it to believe that the financial reporting requirements of the law have not been met; and (2) the audits report included the auditors' opinions that the financial statements of the corporation were presented fairly in accordance with generally accepted accounting principles.