Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures

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Correspondence issued by the Government Accountability Office with an abstract that begins "In June 2010, we issued our report on the results of our audit of the financial statements of the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF) as of, and for the years ending December 31, 2009, and 2008, and on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting as of December 31, 2009. We also reported our conclusions on FDIC's compliance with selected provisions of laws and regulations. During our 2009 financial audit, we identified several control deficiencies over ... continued below

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United States. Government Accountability Office. November 30, 2010.

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Description

Correspondence issued by the Government Accountability Office with an abstract that begins "In June 2010, we issued our report on the results of our audit of the financial statements of the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF) as of, and for the years ending December 31, 2009, and 2008, and on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting as of December 31, 2009. We also reported our conclusions on FDIC's compliance with selected provisions of laws and regulations. During our 2009 financial audit, we identified several control deficiencies over FDIC's process for deriving and reporting estimates of losses to the DIF from financial institution resolution transactions involving loss-sharing agreements. These deficiencies led to misstatements in the draft DIF financial statements, which were ultimately corrected through adjustments to achieve fair presentation in the final financial statements. Although the net adjustments were not material to the DIF's financial statements, the nature of the control deficiencies we identified were such that a reasonable possibility existed that a material misstatement of the DIF's financial statements would not be prevented, or detected and corrected on a timely basis. Thus, these control deficiencies collectively represented a material weakness in FDIC's internal control over financial reporting related to estimated losses from loss-sharing agreements. During our 2009 financial audit, we also identified control deficiencies with respect to FDIC's information-systems security that increased the risk of unauthorized modification and disclosure of financial and other sensitive information, and disruption of critical operations. These control deficiencies, which collectively represented a significant deficiency, reduced FDIC's ability to ensure that authorized users only had the access needed to perform their assigned duties and that its systems were sufficiently protected from unauthorized access. We are issuing a separate report on the issues affecting FDIC's information systems identified during our 2009 audit, along with associated recommendations. The purpose of this report is to discuss in more detail the control deficiencies that collectively represented the material weakness in FDIC's internal control over financial reporting related to its loss-share estimation process and to discuss other internal control issues identified during our 2009 audit for which we did not have previous recommendations. Although not all of these issues were discussed in our report on the results of our 2009 financial statement audit, they all warrant FDIC management's attention and correction. This report provides 14 recommendations to address the internal control issues we identified during our 2009 audit. This report also provides the status of recommendations from prior audits we made to address previously identified internal control issues."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • November 30, 2010

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures, text, November 30, 2010; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc300075/: accessed October 17, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.