Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the American Council of Learned	 
Societies for Fiscal Years 2002 and 2001 (18-SEP-03,		 
GAO-03-1122R).							 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the American Council of Learned Societies for fiscal years	 
2002 and 2001. 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-03-1122R					        
    ACCNO:   A08519						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the American Council of Learned	 
Societies for Fiscal Years 2002 and 2001			 
     DATE:   09/18/2003 
  SUBJECT:   Audit reports					 
	     Financial statement audits 			 
	     Accounting standards				 
	     Federal corporations				 
	     Reporting requirements				 

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GAO-03-1122R

GAO- 03- 1122R American Council of Learned Societies

United States General Accounting Office Washington, DC 20548

September 18, 2003 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 Council of Learned Societies for
Fiscal Years 2002 and 2001 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 years ended September 30, 2002 and
2001. 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. S:10101 to

* present the corporation*s assets and liabilities and reasonable detail
on the corporation*s income and expenses in annual financial statements,
and

* obtain an annual financial audit by an independent public accountant.
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, and reviewed the
auditors* report. However, we did not review the auditors* working papers,
and we are not rendering an audit opinion. Our review disclosed no
reportable instances of noncompliance with the financial reporting
requirements of the law.

GAO- 03- 1122R American Council of Learned Societies Page 2 The audit
report included the auditors* opinion that the financial statements of the

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

Sincerely yours, Jeanette M. Franzel Director Financial Management and
Assurance

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