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 1996
AIMD-99-191R: Published: May 27, 1999. Publicly Released: May 27, 1999.
- Full Report:
Pursuant to a congressional request, GAO reviewed the audit report covering the financial statements of the Non Commissioned Officers Association, Incorporated, for the years ended December 31, 1997 and 1996, focusing on whether the audit report 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 corporation reported that its liabilities exceeded its assets by approximately $882,000 and $462,000 at the end of 1996 and 1997, respectively; and (3) the audit report included the auditor's opinion that the financial statements of the corporation were fairly presented in accordance with generally accepted accounting principles.