Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the American Council of Learned	 
Societies for Fiscal Year 2000 (28-FEB-02, GAO-02-454R).	 
								 
GAO reviewed the audit reports covering the financial statements 
of American Council of Learned Societies, for fiscal year 2000.  
GAO found no reportable instances of noncompliance. 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-02-454R					        
    ACCNO:   A02831						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the American Council of Learned	 
Societies for Fiscal Year 2000					 
     DATE:   02/28/2002 
  SUBJECT:   Financial statement audits 			 
	     Federal corporations				 
	     Accounting standards				 
	     Audit reports					 
	     Reporting requirements				 

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GAO-02-454R
     

United States General Accounting Office Washington, DC 20548

February 28, 2002

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

Subject: Federally Chartered Corporation: Review of the Financial Statement
Audit Year 2000 
Dear Mr. Chairman:

As requested, we reviewed the audit report covering the financial statements
of the American Council of Learned Societies, a federally chartered
corporation, for the fiscal year ended September 30, 2000. 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 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-02-454R American Council of Learned Societies

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,

w/o Enclosure

(194093)

Page 2

GAO-02-454R American Council of Learned Societies
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