Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the American Chemical Society for 1999
and 1998 (17-OCT-01, GAO-02-152R).				 
								 
GAO reviewed the audit report covering the American Chemical	 
Society's financial statements for fiscal years 1999 and 1998.	 
The audit report included the auditors' opinion that the	 
financial statements of the corporation were presented fairly in 
accordance with generally accepted accounting principles. GAO	 
found no reportable instances of noncompliance. 		 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-02-152R					        
    ACCNO:   A02336						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the American Chemical Society for 1999
and 1998							 
     DATE:   10/17/2001 
  SUBJECT:   Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Accounting standards				 
	     Reporting requirements				 

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GAO-02-152R
     
GAO- 02- 152R American Chemical Society

United States General Accounting Office Washington, DC 20548

October 17, 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 Report for the American Chemical Society for 1999 and 1998

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the American Chemical Society, a federally chartered
corporation, for the years ended December 31, 1999 and 1998. The society was
chartered to encourage the advancement of chemistry, thereby fostering
public welfare and education and aiding the development of industry in the
United States.

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- 152R American Chemical Society Page 2 The audit report included the
auditors? opinion that the financial statements of the

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

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

w/ o Enclosure (194071)
*** End of document. ***