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AIMD-98-283R 1 (1998-09-01)

handle is hein.gao/gaobacmph0001 and id is 1 raw text is: GAO0 United States General Accounting Office Washington, D.C. 20548 t( ,( I3 S Accounting and Information Management Division B-280824 September 1, 1998 The Honorable Henry J. Hyde Chairman, Committee on the Judiciary House of Representatives Subject: Federally Chartered Corporation: Review of the Financial Statement Audit Reports of the National Fund for Medical Education, for Fiscal Years 1994 Through 1997 Dear Mr. Chairman: As requested, we reviewed the audit reports covering the financial statements of the National Fund for Medical Education, a federally chartered corporation, for the fiscal years ended December 31, 1994, 1995, 1996 and 1997. The corporation promotes improvement in and interprets the importance of medical education and prepares health professions for a future role in health care delivery. Federally chartered corporations are required under 36 U.S.C. 1102-1103 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 auditor's report and the corporation's financial statements to the Congress not later than 6 months iollowing the close of the corporation's fiscal year. 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, reviewed the auditors' reports, and made any necessary inquiries to corporation officials or the auditors as we deemed necessary. We did not review the auditors' working papers. The audit reports included the auditors' opinions that the financial statements of the corporation were presented in conformity with generally accepted GAO/AIMD-98-283R National Fund for Medical Education fC ( //:

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