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 1996-07-15 monographic deposited born digital 83 p. GA 1.13:AIMD-96-89 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-96-89 P0b002ee1803819e6 f:ai96089 DGPO 2010-08-12 2011-03-28 GAOREPORTS-AIMD-96-89 machine generated eng fdlp REPORT GAOREPORTS-AIMD-96-89 AIMD-96-89 Bank management Funds management Financial statement audits Federal corporations Internal controls Financial records Accounting procedures Reporting requirements Corporate audits BIF SAIF Bank Insurance Fund Savings Association Insurance Fund FSLIC Resolution Fund Letter Report AIMD

GAO audited the 1995 and 1994 financial statements for three funds administered by the Federal Deposit Insurance Corporation (FDIC), the Bank Insurance Fund (BIF), the Savings Association Insurance Fund (SAIF), and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund. GAO found that the financial statements of each fund, taken as a whole, were reliable in all material respects. Although some internal controls should be improved, FDIC management fairly stated that its internal controls effectively safeguarded assets from material loss, ensured compliance with laws and regulations, and ensured that there were no material misstatements in the financial statements of the three funds. There was no reportable noncompliance with laws and regulations. FDIC has addressed several internal control weaknesses GAO identified in its 1994 audits. However, FDIC has not fully addressed GAO's concerns regarding weaknesses in documentation maintained to support asset recovery estimates. GAO's 1995 audits found continued weaknesses in (1) controls over FDIC's process for estimating recoveries from failed institution assets, (2) FDIC's time and attendance reporting process, and (3) FDIC's electronic data processing controls. This report also discusses the recent development of a significant premium rate differential between insured institutions of BIF and SAIF as a result of BIF attaining its designated capitalization level. GAO discusses the impact this premium rate differential may have on the thrift industry's ability to finance obligations arising from the thrift crisis of the 1980s and on future deposit insurance premium rates. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-96-89/html/GAOREPORTS-AIMD-96-89.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-96-89/pdf/GAOREPORTS-AIMD-96-89.pdf GAO/AIMD-96-89 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-96-89 Letter Report GAO/AIMD-96-89; Financial Audit: Federal Deposit Insurance Corporation's 1995 and 1994 Financial Statements; Bank management Funds management Financial statement audits Federal corporations Internal controls Financial records Accounting procedures Reporting requirements Corporate audits BIF SAIF Bank Insurance Fund Savings Association Insurance Fund FSLIC Resolution Fund Title 12 Section 1827(d) 12 U.S.C. 1827(d) Title 31 Section 1304 31 U.S.C. 1304