GAO-03-853R Air Force Sergeants Association 

United States General Accounting Office

Washington, DC 20548 

June 5, 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 

Reports for the Air Force Sergeants Association for Fiscal Years 2000-2002

Dear Mr. Chairman: 

As requested, we reviewed the audit reports covering the financial statements of the 

Air Force Sergeants Association, a federally chartered corporation, for the fiscal 

years ended April 30, 2002, 2001, and 2000. The purposes of the association include 

helping to maintain a highly dedicated and professional corps of enlisted personnel 

and supporting fair and equitable legislation and Department of the Air Force 

policies. 

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 reports 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’ reports. We also held limited 

discussions with the association’s auditors regarding potential enhancements that 

could be made to the association’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-03-853R Air Force Sergeants Association Page 2

The audit reports included the auditors’ opinions that the financial statements of the 

corporation were presented fairly in accordance with generally accepted accounting 

principles. We are returning the audit reports you sent with your letter. 

Sincerely yours, 

Jeanette M. Franzel 

Director 

Financial Management and Assurance 

Enclosures 

(194222) 
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