Federally Chartered Corporation:
Review of the Financial Statement Audit Report for the Daughters of Union Veterans of the Civil War 1861-1865 for Fiscal Year 1997
AIMD-99-55R: Published: Feb 19, 1999. Publicly Released: Feb 19, 1999.
- Full Report:
Pursuant to a congressional request, GAO reviewed the audit report covering the financial statements of the Daughters of Union Veterans of the Civil War 1861-1865 for the fiscal year ended August 31, 1997, 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 audit report included the auditor's opinion that with one exception, the financial statements of the corporation were fairly presented on a cash basis of accounting; (3) the exception related to the property accounting records for the years prior to 1996; and (4) the records were not adequate for the auditor to form an opinion regarding the amounts at which property and equipment and accumulated depreciation are recorded, or the amount of depreciation expense for the year.