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SIGNATURE ROBERT L. MUELLER
TITLE VICE PRESIDENT
<TABLE> <S> <C>
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders of
Papp America-Abroad Fund, Inc.:
In planning and performing our audit of the financial statements
of Papp America-Abroad Fund, Inc., for the year ended
December 31, 1998, we considered its internal control,
including control activities for safeguarding securities,
in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to
provide assurance on the internal control.
The management of Papp America-Abroad Fund, Inc., is
responsible for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits
and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control to future periods
is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control that
might be material weaknesses under standards established
by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation
of one or more of the internal control components does
not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control and its
operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of Papp America-Abroad
Fund, Inc., and the Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Phoenix, Arizona,
January 21, 1999.
