Federally Chartered Corporation: Review of the Financial Statement Audit Reports for the Civil Air Patrol for Fiscal Years 1999 and 1998

GAO reviewed an audit report covering the financial statements of the Civil Air Patrol for fiscal years 1999 and 1998. The audit report for 1999 included the auditors' opinion that, with one exception, the financial statements of the corporation were presented fairly in accordance with U.S. generally accepted accounting principles. The auditor disclaimed an opinion for fiscal year 1998 because the effect of a pending Air Force investigation was not determinable upon the financial statements.