oversight

Federally Chartered Corporation: Review of the Financial Statement Audit Reports for the National Academy of Sciences for 1999-2002

Published by the Government Accountability Office on 2003-11-21.

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

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 Academy of Sciences for 1999-2002

          Dear Mr. Chairman:

          As requested, we reviewed the audit reports covering the financial statements of the
          National Academy of Sciences, a federally chartered corporation, for the years ended
          December 31, 1999, through December 31, 2002. The corporation operates as a
          society of distinguished scholars engaged in scientific or engineering research,
          dedicated to the furtherance of science and its use for the general welfare.

          Federally chartered corporations are required under 36 U.S.C. 10101 to

          •   present the corporation’s assets and liabilities and reasonable detail on the
              corporation’s income and expenses in annual financial statements, and

          •   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-04-185R National Academy of Sciences
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




(194362)


Page 2                                    GAO-04-185R National Academy of Sciences
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