Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Congressional Medal of Honor Society for 1998

AIMD-00-168R: May 5, 2000

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Pursuant to a congressional request, GAO reviewed the financial statement audit report of the Congressional Medal of Honor Society for the year ended December 31, 1998, focusing on whether the audit report complied with the financial reporting requirements of 36 U.S.C. 10101.

GAO noted that: (1) federally chartered corporations, such as the Congressional Medal of Honor Society, are required under 36 U.S.C. 10101 to: (a) present the corporation's assets and liabilities and reasonable detail on the corporation's income and expenses in annual financial statements; (b) obtain an annual financial audit by an independent public accountant; and (c) submit the auditor's report and the corporation's financial statements to Congress; (2) GAO reviewed the corporation's financial statements and the accompanying notes, performed certain analytical procedures related to information presented in the financial statements, reviewed the auditor's report, and made inquiries to corporation officials or the auditor as was deemed necessary; (3) GAO did not review the auditor's working papers; (4) the review disclosed no reportable instances of noncompliance; and (5) the audit report included the auditor's opinion that the financial statements of the corporation were fairly presented on a modified cash basis of accounting.