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GAO-02-454R 1 (2002-02-28)

handle is hein.gao/gaobaalxr0001 and id is 1 raw text is: I im ~GAO Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 February 28, 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 American Council of Learned Societies for Fiscal Year 2000 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the American Council of Learned Societies, a federally chartered corporation, for the fiscal year ended September 30, 2000. The corporation's purpose is the advancement of humanistic studies in all fields of learning and the maintenance and strengthening of relations among the national societies devoted to such studies. 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, reviewed the auditors' report, and made inquiries to corporation officials or the auditors as we deemed necessary. We did not review the auditors' working papers. Our review disclosed no reportable instances of noncompliance. GAO-02-454R American Council of Learned Societies

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