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Discusses the control deficiencies that collectively represented the material weakness in the FDIC's internal control over financial reporting related to its loss-share estimation process. It also discusses other internal control issues identified during a 2009 audit. Although not all of these issues were discussed in the 2009 report on the results of their 2009 financial statement audit, they all warrant FDIC management's attention and correction. This report also provides 14 recommendations to address the internal control issues identified during the 2009 audit. The report also provides the status of recommendations from prior audits made to address previously identified internal control issues. Illus. This is a print on demand edition of an important, hard-to-find report.
The FDIC plays an important role in maintaining public confidence in the nation's financial system. FDIC administers the Deposit Insur. Fund (DIF), which protects bank and savings deposits, and the Fed. Savings and Loan Insur. Corp. Resolution Fund (FRF), which was created to close out the bus. of the former FSLIC. An annual audit of the financial statements of the DIF and the FRF are required. The auditor is responsible for obtaining reasonable assurance about whether FDIC's financial statements for the DIF and the FRF are presented fairly in all material respects, in conformity with U.S. generally accepted accounting principles. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
In May 2009, a report was issued on the calendar year 2008 financial statements of the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund. A report was also issued on the effectiveness of the Federal Deposit Insurance Corp. (FDIC) internal control over financial reporting as of Dec. 31, 2008, and an evaluation of FDIC¿s compliance with provisions of selected laws and regulations for the two funds for the year ended Dec. 31, 2008. The purpose of this report is to present issues identified during the audit of the 2008 financial statements regarding certain internal controls and accounting procedures and to recommend actions to address these issues. Illustrations.