FY 1998 Intercollegiate Athletic Program Audit

WP099044Fiscal Year 1998Intercollegiate Athletic ProgramRevenues and Expenditures,Air Force Academy Athletic AssociationMountain Area Audit Office30 June 1999USAF Academy COREPORT OF AUDITINSTALLATION1DEPARTMENT OF THE AIR FORCE30 June 19991. This report rescinds Audit Report WP099044, Fiscal Year 1998 IntercollegiateAthletic Program Revenues and Expenditures , dated 30 June 1999. We revised thisTABs A and B. We audited theStatement of Revenues and Expenditures (see Appendix IV) of the Air Force AcademyAthletic Association (AFAAA) for the fiscal year (FY) ended 30 June 1998. Thisfinancial statement is the responsibility of AFAAA management, and our responsibility isto express an opinion on the financial statement based on our audit thereof. This reportpresents our opinion on the Statement of Revenues and Expenditures, evaluation of theunderlying internal control system, and assessment of compliance with applicableNational Collegiate Athletic Association (NCAA) guidance and nonappropriated fundOPINION ON STATEMENT OF REVENUES AND EXPENDITURES2. We conducted our audit in accordance with generally accepted government auditingstandards issued by the Comptroller General of the United States. Those standardsrequire that we plan and perform sufficient audit tests to obtain reasonable assurance thatevidence supports the amounts and disclosures in the financial statement. An audit alsoincludes assessing the accounting principles used and ...