oversight

Review of the Audit Report of the National Academy of Sciences for the Year Ended June 30, 1976

Published by the Government Accountability Office on 1977-07-26.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

                           DCCUMENT RESUME

03447 - (A2'13S591

[Review of the Audit Report of the National Icadlem of Sciences
for the Year Ended June 30, 1976]. B-55712. Jujy 26, 1977. 1 pp.
Report to Rep. Peter W. Rodino, Jr., Chairman, House Committee
on +-9   Judiciary; by Robert F. Keller, Deputy Comptroller
Gcneral.

Is'Uo Area: Accounting and Financial Repo-ting (2800).
Contact: Office of the Comptroller General.
Budget Function: Miscellaneous-: Financial Ranagement and
     Information Systems (1002).
Organization Concerned: Trans Country VFn Lines, Inc.
Congressional Relevance: House Coumit+ee on the Judiciary.
Authcrity:   (P.L. 8O-504; 36 U.S.C. 110 ,- 13 Stat. 806.

         A review ,.f the audit report of t.e National ?cadcay of
Sciences for the year .ided June 30, 1976, indicated that the
audit and Zi-nncial reporting requirements of Public Law 88-504
had been net for fiscal year 1976. Findings/Conclusions: The
andit repozt for this federally chartered corporation, which was
prepared by a firn of certified public accountants, included a
statement of the scope of +he audit aid the auditor's opinion
that, subject to the effect, if any, on the financial statements
of the resolution of certain disuted costs associated with U.S.
Government contracts, the financial statements presented fairly
the financial position of the National Academy of Fciences at
June 30, 1976. It also presented the results of the operations
and changes in fund balances for the year then ended in
conformity vith generally accepted accounting principles applied
on a basis consistent with the preceding year. (SC)
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              X~J~              CO1APTROWIR GENERAL OF THE UNITED I;TATEB
                             *W~~ ~        WAWING6TON. D.C. lI




             B-55712                                        JUL 2 6 1977
.4.

             The Honorable Peter W. Rodino, Jr.
             Chairmar., Committee on the Judicia y
             House of Representatives

             Dear Mr. Chairman:

                  As requested in your letter of June 20, 1977, we have reviewed
            the audit report of the National Academy of Sciences for the y-ear
            ended June 30, 1976. Our review was directed to determining whether
            the report complies with ftne financial reporting requirements for
            federally chartered corporations set forth in Public Law 88-504,
            approved August 30, 1964 (36 U.S.C, 1101).. The National Academy of
            Scie:ices was chartered by the act of March 3, 1863 (13 Stat. 806).

                 The audit report was prepared by a firm of certified public
            accountants. It included a statement of the scope of audit and the
            auditor's opinion that, sr-bject to the effect, if any, on the
            financial statements of the resolution of certain disputed costs
            associated with U.S. Government contracts, the financial statements
            present fairly the financial position of the National Academy of
            Sciences at June 30, 1976, and the results of operations and changes
            in fund balances for the year then ended, in conformity ,ith generally
            accepted accounting principles applied on a basis consistent with
            the precedLng year.

                 In our opinion, the audit and financial reporting requirements
            of the act have been met for fiscal Year 1976. However, aLzording
            to our files, we have not received for review the National Academy
            of Sciences' audit report for the year ended June 30, 1975.

                 We are returning the audit report sent with your letter of
            June 20, 1977.

                                                 Sincerely yours,


                                                       '   PF.tener

                                         rDf.zt-vComptroller General
                                                *of the United States

           Enclosure