Federally Chartered Corporation:

Review of the Financial Statement Audit Reports for the National Conference of State Societies, Washington, DC, for Fiscal Years 1992-1997

AIMD-98-298R: Published: Sep 24, 1998. Publicly Released: Sep 24, 1998.

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Pursuant to a congressional request, GAO reviewed the audit reports covering the financial statements of the National Conference of State Societies, Washington, DC, for the fiscal years ended May 31, 1992, 1993, 1994, 1995, 1996, and 1997, 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; (2) the audit reports included the auditors' opinion that the financial statements of the corporation were fairly presented on a cash basis for receipts and disbursements; and (3) the notes to the financial statements indicate that the corporation has operated at a deficit for the last 6 years.

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