Federally Chartered Corporation: Review of the Financial Statement Audit
Reports for the American Council of Learned Societies for Fiscal Years
1997-1999 (Correspondence, 02/20/2001, GAO/GAO-01-395R).

GAO reviewed the American Council of Learned Societies' financial
statement audit reports to determine whether it complied with the
financial reporting requirements of the law. GAO found no reportable
instances of noncompliance and the audit reports included the auditors'
opinions that the financial statements of the corporation were presented
fairly in accordance with generally accepted accounting principles.

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

 REPORTNUM:  GAO-01-395R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Reports for the American Council of
	     Learned Societies for Fiscal Years 1997-1999
      DATE:  02/20/2001
   SUBJECT:  Reporting requirements
	     Financial records
	     Financial statement audits
	     Accounting standards
	     Federal corporations
	     Audit reports

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GAO-01-395R

American Council of Learned Societies

United States General Accounting Office Washington, DC 20548

February 20, 2001 The Honorable F. James Sensenbrenner, Jr. Chairman,
Committee on the Judiciary House of Representatives

Subject: Federally Chartered Corporation: Review of the Financial Statement
Audit Reports for the American Council of Learned Societies for Fiscal Years
1997- 1999

Dear Mr. Chairman: As requested, we reviewed the audit reports covering the
financial statements of the American Council of Learned Societies, a
federally chartered corporation, for the fiscal years ended September 30,
1999, 1998, and 1997. 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 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 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- 01- 395R American Council of Learned Societies Page 2 The audit reports
included the auditors' opinions that the financial statements of the

corporation were presented fairly in accordance with generally accepted
accounting principles. We are returning the audit reports you sent with your
letter.

Sincerely yours, Jeffrey C. Steinhoff Managing Director Financial Management
and Assurance

w/ o Enclosures (194007)
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