Subject: [repost] CPA bidding proposal (2/4)

From: dong (D.C.)
Date: Wed, 19 Jan 94 02:17:06 CST

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Terry T. Fang
Certified Public Accountant
3328 Monarch Lane
Annandale, VA 22003
(703)560-4520

December 22, 1993

Mr. Changsheng Lin
Independent Federation of Chinese Students and Scholars
733 15th Street, N.W. Suite 440
Washington, D.C. 20005

Dear Mr. Lin:

This letter is to confirm our understanding of the terms and
objectives of our engagement and the nature and limitations of
the services we will provide.

1.   We will compile, from information you provide, the annual
balance sheets and related statements of income, retained
earnings, and cash flow of Independent Federation of Chinese
Students and Scholars (IFCSS) for the year ended September 30,
1993. We will not audit or review such financial statements. Our
report on the annual financial statements of IFCSS is presently
expected to read as follows:

     "We have compile the accompanying balance sheet of IFCSS as
of September 30, 1993, and the related statements of income,
retained earnings, and cash flows for the year then ended, in
accordance with statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public
Accountants.

     A compilation is limited to presenting in the form of
financial statement information this is the representation of
management. We have not audited or reviewed the accompanying
financial statements and, accordingly, do not express an opinion
or any other form of assurance on them."

If, for any reason, we are unable to complete the compilation or
your financial statements, we will not issue a report on such
statements as a result of this engagement.

2.   We will assist your bookkeeper in adjusting the books of
account so that he/she will be able to prepare a working trial
balance from which financial statements can be compiled. Your
bookkeeper will provide us with a detailed trial balance and any
supporting schedules we require.

3.   We will evaluate your current internal control and
accounting system, and make suggestions as necessary.

4.   We will also prepare the federal and state information
returns and income tax returns, if required, for IFCSS for the
fiscal year ended September 30, 1993.

Our engagement cannot be relied upon to disclose errors and
irregularities, including fraud or defalcations, that may exist.
However, we will inform you of irregularities that come to our
attention, unless they are inconsequential.

Our fee for these services is $800.00. We shall be pleased to
discuss this letter with you at any time.

If the foregoing is in accordance with your understanding, please
sign the copy of this letter in the space provided and return it
to us.

Sincerely yours,

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Terry T. Fang, CPA

Acknowledgment:
Independent Federation of
Chinese Students and Scholars

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President

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Date