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Report of the Auditing Committee of the National Academy of Sciences Dear Dr. Alberts: December4, 1996 In accordance with Bylaw V-6 of the National Academy of Sciences, the firm of KPMG Peat Marwick LLP was retained to conduct an audit of the accounts of the Treasurer for the fiscal year ended June 30, 1996, and to report to the auditing committee. The independent accountants have completed their audit of the financial statements and have sub- mitted their report, a copy of which is attached, concerning financial statements to which they refer. The Auditing Committee has reviewed the report and recommends its acceptance in compliance with the governing bylaw and the opinion of the independent accountants be published with the report of the Treasurer. The Committee would like to acknowledge the contributions of its outgoing Chairman, J. Edward Rall, and thank him on behalf of the Council for his 6 years of service. Respectfully submitted, ELKAN R. BLOUT, Chair ELLIS B. COWLING DAVID KIPNIS National Academy of Sciences Auditing Committee Dr. Bruce Alberts, President National Academy of Sciences Washington, D.C. ., . ~ 7
