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 1994-12-06 monographic deposited born digital 64 p. GA 1.13:AIMD-95-4 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-95-4 P0b002ee18039b094 f:ai95004 DGPO 2010-08-12 2011-03-28 GAOREPORTS-AIMD-95-4 machine generated eng fdlp REPORT GAOREPORTS-AIMD-95-4 AIMD-95-4 Financial statement audits Off-budget federal entities Government guaranteed loans Loan repayments Internal controls Financial records Financial management Federal agency accounting systems Budget deficit Letter Report AIMD This report presents the results of GAO's review of the independent certified public accountants' audits of the Federal Financing Bank's financial statements for fiscal years 1993 and 1992. In the auditors' opinions, the Bank's statements are presented fairly in accordance with generally accepted accounting principles. The independent auditors' reports on the Bank's internal accounting and administrative controls and on its compliance with laws and regulations are also provided. The Bank's fiscal year 1993 financial statements reflect an accumulated deficit of more than $2 billion. When it last audited the Bank in 1988, GAO reported material weaknesses in the Bank's internal control structure. Because of these long-standing weaknesses, GAO supports the independent certified public accountants' recommendation that the Treasury Department appoint an individual to oversee both the credit accounting and administrative functions of the Bank. Because the Bank will not be able to repay its liability to Treasury associated with loan prepayments under its current operating scenario, Treasury should consider eliminating this liability as well as the related account receivable on its books, including, if necessary, requesting legislation. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-95-4/html/GAOREPORTS-AIMD-95-4.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-95-4/pdf/GAOREPORTS-AIMD-95-4.pdf GAO/AIMD-95-4 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-95-4 Letter Report GAO/AIMD-95-4; Financial Audit: Federal Financing Bank's 1993 and 1992 Financial Statements; Financial statement audits Off-budget federal entities Government guaranteed loans Loan repayments Internal controls Financial records Financial management Federal agency accounting systems Budget deficit