This is the accessible text file for GAO report number GAO-04-28R 
entitled 'Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the Pearl Harbor Survivors Association for 
Fiscal Year 2002' which was released on October 10, 2003.

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October 10, 2003:

The Honorable F. James Sensenbrenner, Jr.

Chairman, Committee on the Judiciary:

House of Representatives:

Subject: Federally Chartered Corporation: Review of the Financial 
Statement Audit:

Report for the Pearl Harbor Survivors Association for Fiscal Year 2002:

Dear Mr. Chairman:

As requested, we reviewed the audit report covering the financial 
statements of the Pearl Harbor Survivors Association, a federally 
chartered corporation, for the fiscal year ended September 30, 2002. 
The corporation's purpose is to collate, preserve, and encourage the 
study of historical episodes, chronicles, mementos, and events 
pertaining to "The Day of Infamy, 7 December 1941", and in particular 
those memories and records of patriotic service performed by the heroic 
Pearl Harbor survivors and nonsurvivors.

Federally chartered corporations are required under 36 U.S.C. §10101 
to 
present the corporation's assets and liabilities and reasonable detail 
on the corporation's income and expenses in annual financial 
statements, and 
obtain an annual financial audit by an independent public accountant.

The objective of our review was to determine whether the audit report 
complied with the financial reporting requirements of the law. In 
carrying out our work, we reviewed the corporation's financial 
statements and the accompanying notes, performed certain analytical 
procedures related to information presented in the financial 
statements, and reviewed the auditors' report. We also held limited 
discussions with the corporation's auditors regarding potential 
enhancements that could be made to the corporation's financial 
reporting. However, we did not review the auditors' working papers, and 
we are not rendering an audit opinion. Our review disclosed no 
reportable instances of noncompliance with the financial reporting 
requirements of the law.

The audit report included the auditors' opinion that, with one 
exception, the financial statements of the corporation were presented 
fairly on a modified cash basis of accounting. The exception related to 
the fact the auditors were not present to observe the physical 
inventory count at September 30, 2002 and the Association's records do 
not permit adequate retroactive tests of inventory balances.

We are returning the audit report you sent with your letter.

Sincerely yours,

Jeanette M. Franzel:

Director 
Financial Management and Assurance:

Signed by Jeanette M. Franzel:

w/o Enclosure:

(194334):