Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the National Fund for Medical	 
Education for 2002 and 2001 (21-NOV-03, GAO-04-186R).		 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the National Fund for Medical Education for fiscal years 2002 
and 2001. GAO found no reportable instances of noncompliance. The
audit reports included the auditors' opinion that the financial  
statements of the corporation were presented fairly in accordance
with generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-04-186R					        
    ACCNO:   A08921						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the National Fund for Medical	 
Education for 2002 and 2001					 
     DATE:   11/21/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-04-186R

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 National Fund for Medical Education for
2002 and 2001

Dear Mr. Chairman:

As requested, we reviewed the audit reports covering the financial
statements of the National Fund for Medical Education, a federally
chartered corporation, for the years ended December 31, 2002 and 2001. The
corporation's purposes are to raise funds from private sources; administer
and disperse funds for medical education; promote improvement in and
interpret the needs of medical education; and prepare health professionals
for a future role in health care delivery.

Federally chartered corporations are required under 36 U.S.C. S: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. 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-04-186R National Fund for Medical Education

The audit reports included the auditors' opinions that the financial
statements of the
corporation were presented fairly in accordance with U.S. 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

(194363)

Page 2

GAO-04-186R National Fund for Medical Education

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