Federally Chartered Corporation:
Review of the Financial Statement Audit Report for the Non Commissioned Officers Association of the United States of America, Incorporated, for 1997 and 1998
AIMD-00-242R: Published: Jun 30, 2000. Publicly Released: Jun 30, 2000.
- Full Report:
Pursuant to a congressional request, GAO reviewed the audit report covering the financial statements of the Non Commissioned Officers Association of the United States of America, Incorporated, for years ended December 31, 1997 and 1998, focusing on whether the audit report complied with the financial reporting requirements of the law.
GAO noted that: (1) GAO's review disclosed no reportable instances of noncompliance; (2) the corporation reported that its liabilities exceeded its assets by approximately $608,000 and $541,000 at the end of 1997 and 1998; and (3) the audit report included the auditor's opinion that the financial statements of the corporation were presented fairly, in all material respects, in accordance with generally accepted accounting principles.