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AFMD-84-66 1 (1984-09-05)

handle is hein.gao/gaobabnlq0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON,O C 2O544 SEPTEMBER 5, 1984 B-215981 To the President of the Senate and the Speaker of the House of Representatives Subject: Review of the United States Capitol Histori- cal Society's Financial Statements for the Years Ended January 31, 1983 and 1982 (GAO/ AFMD-84-66) This report summarizes the results of our review of the audit of the United States Capitol Historical Society's financial state- ments for the years ended January 31, 1983 and 1982. The Society was established as a nonprofit corporation in 1962 to enhance the public's understanding of the symbolism, growth, and significance of the United States Capitol. Under the direction of the Architect of the Capitol, the Society operates the Capitol Visitors' Center through which it sells books, calendars, and other memorabilia. The Society had revenue of $600,000 for fiscal year 1983, and assets of $2.4 million at January 31, 1983. The Society retained G.P. Graham & Company, certified public accountants (CPAs), to audit its 1983 and 1982 financial state- ments. In the opinion of the CPAs, the Society's financial state- ments present fairly its financial position at January 31, 1983 and 1982, and the results of its operations for the years then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. We are required by 40 U.S.C. 193m-1 to audit the accounts of the Society for each year it conducts its activities. To provide a reasonable and cost effective means of assuring the Congress that the Society's financial position and results of operations are au- dited and reported on, we reviewed the workpapers and audit report prepared by the Society's CPAs. Our review was directed toward de- termining the extent to which we could rely on the work and report of the Society's CPAs. We performed such tests of the CPAs' work- papers and audit report, and such other auditing procedures as we considered necessary in the circumstances to ensure that: --The Society's financial statements were prepared in accord- ance with generally accepted accounting principles. --The audit was made in accordance with generally accepted au- diting standards. 1(916763) \\l1153PU

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