United States
General Accounting Office
Washington, D.C. 20548
Accounting and Information
Management Division
B-281834
February 19,1999
The Honorable Henry J. Hyde
Chairman, Committee on the Judiciary
House of Representatives
Subject: Federallv Chartered Coruoration: Review of the Financial Statement Audit
Renort for the American Chemical Societv for Year 1997
Dear Mr. Chairman:
As requested, we reviewed the audit report covering the financial statements of the American
Chemical Society, a federally chartered corporation, for the year ended December 31,1997.
The Society was chartered to encourage the advancement of chemistry, thereby fostering
public welfare and education and aiding the development of industry in the United States.
Federally chartered corporations are required under 36 U.S.C. 1102-1103to
l present the corporation’s assets and liabilities and reasonable detail on the corporation’s
income and expenses in annual financial statements,
l obtain an annual financial auditby an independent public accountant, and
l submit the auditor’s report and the corporation’s financial statements to the Congress.
The objective of our review was to determine whether the audit report 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, reviewed the
auditor’s report, and made inquiries to corporation officials or the auditor as we deemed
necessary. We did not review the auditor’s working papers. Our review disclosed no
reportable instances of noncompliance.
GAO/AlMD-99-60R American Chemical Society
B-281834
The audit report included the auditor’s opinion that the financial statements of the
corporation were fairly presgnted in accordance with generally &xepted accounting
principles. We are returning the audit report you sent with your letter.
David L. Clark
Director, Audit Oversight and Liaison
Enclosure
(911907)
Page 2 GAOMMD-99-60R American Chemical Society
Ordering Information
The first copy of each GAO report and testimony is free.
Additional copies are $2 each. Orders should be sent to the
following address, accompanied by a check or money order
made out to the Superintendent of Documents, when
necessary. VISA and MasterCard credit cards are accepted, also.
Orders for 100 or more copies to be mailed to a single address
are discounted 25 percent.
Orders by mail:
U.S. General Accounting Office
P.O. Box 37050
Washington, DC 20013
or visit:
Room 1100
700 4th St. NW (corner of 4th and G Sts. NW)
U.S. General Accounting Office
Washington, DC
Orders may also be placed by calling (202) 512-6000
or by using fax number (202) 512-6061, or TDD (202) 512-2537.
Each day, GAO issues a list of newly available reports and
testimony. To receive facsimile copies of the daily list or any
list from the past 30 days, please call (202) 512-6000 using a
tonchtone phone. A recorded menu will provide information on
how to obtain these lists.
For information on how to access GAO reports on the INTERNET,
send an e-mail message with “info” in the body to:
info@www.gao.gov
or visit GAO’s World Wide Web Home Page aa;:
httpz/Ywww.gao.gov
United States
General Accounting Office
Washington, D.C. 20548-0001
Official Business
Penaltg for Private Use $300
Address Correction Requested
Federally Chartered Corporation: Review of the Financial Statement Audit Report for the American Chemical Society for Year 1997
Published by the Government Accountability Office on 1999-02-19.
Below is a raw (and likely hideous) rendition of the original report. (PDF)