Federally Chartered Corporation: Financial Statement Audit	 
Reports for the American Council of Learned Societies for Fiscal 
Years 2003-2005 (26-JAN-07, GAO-07-328R).			 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the American Council of Learned Societies for fiscal years	 
ended September 30, 2005, 2004, and 2003. GAO found no reportable
instances of noncompliance. The audit reports included the	 
auditor's opinions that the financial statements of the 	 
corporation were presented fairly in accordance with U.S.	 
generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-07-328R					        
    ACCNO:   A65224						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Reports for the American Council of Learned Societies for  
Fiscal Years 2003-2005						 
     DATE:   01/26/2007 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-07-328R

   

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           January 26, 2007

The Honorable F. James Sensenbrenner, Jr.

House of Representatives

Subject: Federally Chartered Corporation: Financial Statement Audit
Reports for the American Council of Learned Societies for Fiscal Years
2003-2005

Dear Mr. Sensenbrenner:

           As requested, we read the audit reports covering the financial
           statements of the American Council of Learned Societies, a
           federally chartered corporation, for the fiscal years ended
           September 30, 2005, 2004, and 2003. The corporation's purpose is
           to advance humanistic studies in all fields of learning and
           strengthen 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 reports 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
reports. 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. However, we did hold limited
discussions with the corporation regarding potential enhancements to the
corporation's financial reporting.

The audit reports included the auditor's 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 letters.

This letter is intended solely for your use. 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 Charles Payton, Assistant Director; David Elder; and
Franklin Ng.

Sincerely yours,

Steven J. Sebastian
Director
Financial Management and Assurance

(196133)

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