Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the National Fund for Medical Education for 1998
(Correspondence, 06/16/2000, GAO/AIMD-00-223R).

Pursuant to a congressional request, GAO reviewed the audit report
covering the financial statements of the National Fund for Medical
Education for the year ended December 31, 1998, focusing on whether the
audit report complied with the financial reporting requirements of the
law.

GAO noted that: (1) nothing came to GAO's attention that would cause it
to believe that the financial reporting requirements of the law have not
been met; and (2) the audit report included the auditor's opinion that
the financial statements of the corporation were presented fairly in
accordance with generally accepted accounting principles.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  AIMD-00-223R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Report for the National Fund for
	     Medical Education for 1998
      DATE:  06/16/2000
   SUBJECT:  Financial statement audits
	     Reporting requirements
	     Audit reports
	     Financial records
	     Accounting standards
	     Federal corporations
	     Medical education
	     Health care personnel

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GAO/AIMD-00-223R

MACROBUTTON B-285347 DOCPROPERTY B-number

   *
   * June 16, 2000

The Honorable Henry J. Hyde

Chairman, Committee on the Judiciary

House of Representatives

Subject: Federally Chartered Corporation: Review of the Financial Statement
Audit

Report for the National Fund for Medical Education for 1998

Dear Mr. Chairman:

   * As requested, we reviewed the audit report covering the financial
     statements of the National Fund for Medical Education, a federally
     chartered corporation, for the year ended December 31, 1998. The
     corporation's purpose is to promote improvement in and interpret the
     importance of medical education and prepare health professionals for a
     future role in health care delivery.
   * 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 auditor's 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 auditor's
report, and made inquiries to corporation officials or the auditor as we
deemed necessary. We did not review the auditor's working papers. Our review
disclosed no reportable instances of noncompliance.

The audit report included the auditor's opinion that the financial
statements of the corporation were presented fairly, in all material
respects, in accordance with generally accepted accounting principles. We
are returning the audit report you sent with your letter.

Sincerely yours,

David L. Clark

Director, Audit Oversight and Liaison

w/o Enclosure

(911976)

  
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