United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Accounting and Information Management Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1995-06-22 monographic deposited born digital 50 p. GA 1.13:AIMD-95-157 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-95-157 P0b002ee18038689e f:ai95157 DGPO 2010-08-12 2011-03-24 GAOREPORTS-AIMD-95-157 machine generated eng fdlp REPORT GAOREPORTS-AIMD-95-157 AIMD-95-157 Financial statement audits Financial management Internal controls Corporate audits Auditing standards Accounting procedures Savings and loan associations Bank failures Compliance Financial records SAIF Savings Association Insurance Fund Letter Report AIMD

Pursuant to a legislative requirement, GAO audited the Resolution Trust Corporation's (RTC) financial statements for the years ended December 31, 1994 and 1993. GAO also reviewed: (1) RTC internal control weaknesses; (2) RTC estimated recoveries from failed thrifts; (3) the estimated unused loss funds after RTC completion of all resolution activities; and (4) RTC progress in reducing risk.<p/>GAO found that: (1) RTC financial statements were reliable in all material aspects; (2) RTC internal controls were effective in safeguarding assets, ensured that transactions were in accordance with management authority and material laws and regulations, and ensured that there were no material misstatements; and (3) there was no material noncompliance with applicable laws and regulations. GAO also found that: (1) RTC needs to improve its internal controls over computer systems; (2) uncertainties regarding general economic conditions, interest rates, and real estate markets could impact the cost of resolving failed institutions; (3) RTC has resolved two of the three previously identified operating control weaknesses; (4) based on current estimates, RTC may have $14.8 billion of unused loss funds after completing all its thrift resolutions; and (5) RTC, Congress, and the Federal Deposit Insurance Corporation have reduced RTC management risks sufficiently to remove RTC as a high-risk entity. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-95-157/html/GAOREPORTS-AIMD-95-157.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-95-157/pdf/GAOREPORTS-AIMD-95-157.pdf GAO/AIMD-95-157 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-95-157 Letter Report GAO/AIMD-95-157; Financial Audit: Resolution Trust Corporation's 1994 and 1993 Financial Statements; Financial statement audits Financial management Internal controls Corporate audits Auditing standards Accounting procedures Savings and loan associations Bank failures Compliance Financial records SAIF Savings Association Insurance Fund Title 12 Section 1441a Title 12 Section 1441a(k)(1) 12 U.S.C. 1441a 12 U.S.C. 1441a(k)(1) Public Law 101-576 Public Law 102-233