Federally Chartered Corporation: Financial Statement Audit Report for the Pearl Harbor Survivors Association for Fiscal Year 2003

GAO reviewed the audit reports covering the financial statements of the Pearl Harbor Survivors Association for the fiscal year ended September 30, 2003. GAO found no reportable instances of noncompliance. The audit report included the auditor's opinion that, with one exception, the financial statements of the corporation were presented fairly on a modified cash basis of accounting. The exception relates to the fact that the auditor was not present to observe the physical inventory count at September 30, 2003, and the corporation's records do not permit adequate retroactive tests of inventory balances. The corporation reported a prior period adjustment of $11,689 to correct for errors made in prior year's financial statements.