This is the accessible text file for GAO report number GAO-07-327R 
entitled 'Federally Chartered Corporation: Financial Statement Audit 
Reports for the Air Force Sergeants Association for Fiscal Years 2006 
and 2005' which was released on January 26, 2007. 

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January 26, 2007: 

The Honorable F. James Sensenbrenner, Jr. 
House of Representatives: 

Subject: Federally Chartered Corporation: Financial Statement Audit 
Reports for the Air Force Sergeants Association for Fiscal Years 2006 
and 2005: 

Dear Mr. Sensenbrenner: 

As requested, we read the audit reports covering the financial 
statements of the Air Force Sergeants Association, a federally 
chartered corporation, for the fiscal years ended April 30, 2006 and 
2005. The corporation's purposes include maintaining a dedicated and 
professional corps of enlisted personnel within the United States Air 
Force, supporting fair and equitable legislation, and providing for the 
mutual welfare of members and their families. 

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, 

* obtain an annual financial audit by an independent public accountant, 
and: 

* submit the auditor's report and the corporation's financial 
statements to the Congress. 

Our objective was to advise you of any matters in the reports regarding 
compliance with the financial reporting requirements of the law. In 
carrying out our work, we read the corporation's financial statements 
and the accompanying notes, performed certain analytical procedures 
related to information presented in the financial statements, and read 
the auditor's reports. We did not identify any instance of 
noncompliance with the above financial reporting requirements of the 
law. 

We did not perform an audit or review the auditor's audit 
documentation, and we are not rendering an audit opinion. However, we 
did hold limited discussions with the corporation's auditor regarding 
potential enhancements to the corporation's financial reporting. 

The audit reports included the auditor's opinions that the financial 
statements of the corporation were presented fairly in accordance with 
U.S. generally accepted accounting principles. We are returning the 
audit reports you sent with your letters. 

This letter is intended solely for your use. This letter will be 
available at no charge on GAO's Web site at [Hyperlink, 
http://www.gao.gov]. 

If you have any questions or would like to discuss this letter, please 
contact me at (202) 512-3406 or by e-mail at sebastians@gao.gov. 
Contact points for our Offices of Congressional Relations and Public 
Affairs may be found on the last page of this letter. Key contributors 
to this letter were Charles Payton, Assistant Director; David Elder; 
and Franklin Ng. 

Sincerely yours, 

Signed by: 

Steven J. Sebastian: 
Director: 
Financial Management and Assurance: 

(196132):