Federally Chartered Corporation:
Review of the Financial Statement Audit Report for the Civil Air Patrol, Incorporated, for Fiscal Years 1996 and 1997
AIMD-00-112R: Published: Mar 3, 2000. Publicly Released: Mar 3, 2000.
- Full Report:
Pursuant to a congressional request, GAO reviewed the audit report covering the financial statements of the Civil Air Patrol, Incorporated, for the fiscal years ended September 30, 1996 and 1997, focusing on whether the audit report complied with the financial reporting requirements of the law.
GAO noted that: (1) the audit report included the auditor's opinion that with certain exceptions, the financial statements of the corporation were presented in accordance with generally accepted accounting principles; (2) the exceptions related to units below wing level not being audited and not being included in these financial statements, certain donated assets not being properly valued, and certain accounting records being inadequate; and (3) the effects of these exceptions were not readily determinable.