```
                                                                 
Federally-Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Non Commissioned Officers	 
Association of the United States of America, Incorporated, for	 
2000 and 1999 (17-MAY-02, GAO-02-761R). 			 
                                                                 
GAO reviewed the audit report covering the financial statements  
of the Non Commissioned Officers Association of the United States
of America, Incorporated, for fiscal years 2000 and 1999. GAO	 
found no reportable instances of noncompliance. The audit reports
included the auditors' opinions that the financial statements of 
the corporation were presented fairly in accordance with general 
accounting principles.						 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-02-761R					        
    ACCNO:   A03383						        
  TITLE:     Federally-Chartered Corporation: Review of the Financial 
Statement Audit Report for the Non Commissioned Officers	 
Association of the United States of America, Incorporated, for	 
2000 and 1999							 
     DATE:   05/17/2002 
  SUBJECT:   Federal corporations				 
	     Financial statement audits 			 
	     Accounting standards				 
	     Audit reports					 
	     Reporting requirements				 

******************************************************************
** This file contains an ASCII representation of the text of a  **
** GAO Product.                                                 **
**                                                              **
** No attempt has been made to display graphic images, although **
** figure captions are reproduced.  Tables are included, but    **
** may not resemble those in the printed version.               **
**                                                              **
** Please see the PDF (Portable Document Format) file, when     **
** available, for a complete electronic file of the printed     **
** document's contents.                                         **
**                                                              **
******************************************************************
GAO-02-761R
     
GAO- 02- 761R Non Commissioned Officers Association of the U. S. A., Inc.

United States General Accounting Office Washington, DC 20548

May 17, 2002 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 Non
Commissioned Officers Association of the United States of America,
Incorporated, for 2000 and 1999 Dear Mr. Chairman:

As requested, we reviewed the audit report covering the financial statements
of the Non Commissioned Officers Association of the United States of
America, Incorporated, a federally chartered corporation, for the years
ended December 31, 2000 and 1999. The corporation is an association of
active, reserve, national guard, and retired non commissioned and petty
officers of the Armed Forces of the United States of America.

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 auditors? report and the corporation?s financial statements to
the Congress. 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.

GAO- 02- 761R Non Commissioned Officers Association of the U. S. A., Inc.
Page 2 The corporation reported that its liabilities exceeded its assets by
approximately

$338,000 and $598,000 at the end of 2000 and 1999, respectively. The audit
report included the auditors? opinion that the financial statements of the
corporation were presented fairly in accordance with generally accepted
accounting principles. We are returning the audit report you sent with your
letter.

Sincerely yours, Jeanette M. Franzel Acting Director Financial Management
and Assurance

w/ o Enclosure (194104)
*** End of document. ***
```