Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for the American Historical Association
for Fiscal Years 1998-2002 (21-NOV-03, GAO-04-179R).
GAO reviewed the audit reports covering the financial statements
of the American Historical Association for fiscal years 2002,
2001, 2000, 1999 and 1998. GAO found no reportable instances of
noncompliance. The audit reports included the auditors' opinion
that, except for Fiscal Year 1999, the financial statements of
the corporation were presented fairly in accordance with
generally accepted accounting principles.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-04-179R
ACCNO: A08928
TITLE: Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for the American Historical Association
for Fiscal Years 1998-2002
DATE: 11/21/2003
SUBJECT: Accounting standards
Audit reports
Financial statement audits
Federal corporations
Reporting requirements
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GAO-04-179R
United States General Accounting Office Washington, DC 20548
November 21, 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 Reports for the American HistoricalAssociation for Fiscal
Years 1998-2002
Dear Mr. Chairman:
As requested, we reviewed the audit reports covering the financial
statements of the American Historical Association, a federally chartered
corporation, for the fiscal years ended June 30, 1998, through June 30,
2002. The purpose of the corporation is to promote historical studies.
Federally chartered corporations are required under 36 U.S.C. 10101 to
o present the corporation's assets and liabilities and reasonable detail
on the corporation's income and expenses in annual financial statements,
and
o obtain an annual financial audit by an independent public accountant.
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, and reviewed the
auditors' reports. We also held limited discussions with the corporation's
auditors regarding potential enhancements that could be made to the
corporation's financial reporting. 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-04-179R American Historical Association
The audit reports included the auditors' opinions that the financial
statements of the
corporation, except for Fiscal Year 1999, were presented fairly in
accordance with
U.S. generally accepted accounting principles. The audit opinion for 1999
was
qualified on the basis that the membership dues and subscriptions were
being
recognized as revenues in the period received rather than in future
periods when they
are earned in accordance with generally accepted accounting principles. We
are
returning the audit reports you sent with your letter.
Sincerely yours,
Jeanette M. Franzel
Director
Financial Management and Assurance
w/o Enclosures
(194356)
Page 2
GAO-04-179R American Historical Association
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