Federally Chartered Corporation: Financial Statement Audit Report
for the American Council of Learned Societies for Fiscal Years	 
2003 and 2002 (14-MAR-06, GAO-06-503R). 			 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the American Council of Learned Societies for the fiscal year 
ended September 30, 2003, and 2002. 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 U.S.	 
generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-06-503R					        
    ACCNO:   A48978						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the American Council of Learned Societies for	 
Fiscal Years 2003 and 2002					 
     DATE:   03/14/2006 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-06-503R

     

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           March 14, 2006

The Honorable F. James Sensenbrenner, Jr.

Chairman

Committee on the Judiciary

House of Representatives

Subject: Federally Chartered Corporation: Financial Statement Audit Report
for the American Council of Learned Societies for Fiscal Years 2003 and
2002

Dear Mr. Chairman:

           As requested, we read 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, 2003 and 2002. 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

                        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.

Our objective was to advise you of any matters in the report regarding
compliance with the financial reporting requirements of the law. In
carrying out our work, we read the corporation's financial statements and
the accompanying notes, performed certain analytical procedures related to
information presented in the financial statements, and read the auditor's
report. We did not identify any instance of noncompliance with the above
financial reporting requirements of the law.

We did not perform an audit or review the auditor's audit documentation,
and we are not rendering an audit opinion.

The audit report included the auditor's 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.

                                   - - - - -

This letter is intended solely for your use and the use of the Committee
on the Judiciary. This letter will be available at no charge on GAO's Web
site at http://www.gao.gov .

If you have any questions or would like to discuss this letter, please
contact me at (202) 512-3406 or by e-mail at [email protected] . Contact
points for our Offices of Congressional Relations and Public Affairs may
be found on the last page of this letter. Key contributors to this letter
were David Elder, Franklin Ng, and Charles Payton.

Sincerely yours,

Steven J. Sebastian

Director Financial Management and Assurance

(196077)

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