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 1997-06-30 monographic deposited born digital 71 p. GA 1.13:AIMD-97-111 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-97-111 P0b002ee18037a5ef f:ai97111 DGPO 2010-08-12 2011-03-24 GAOREPORTS-AIMD-97-111 machine generated eng fdlp REPORT GAOREPORTS-AIMD-97-111 AIMD-97-111 Internal controls Accounting procedures Reporting requirements Federal corporations Financial statement audits Auditing standards Fund audits Bank failures Bank Insurance Fund Savings Association Insurance Fund FSLIC Resolution Fund BIF SAIF Letter Report AIMD

GAO audited: (1) the financial statements of the Bank Insurance Fund and the Savings Association Insurance Fund (SAIF) for the years ended December 31, 1996 and 1995, and the financial statements of the FSLIC Resolution Fund for the years ended December 31, 1996. GAO also reviewed: (1) the Federal Deposit Insurance Corporation (FDIC) management's assertions regarding the effectiveness of its internal control as of December 31, 1996; (2) FDIC's compliance with laws and regulations during 1996; and (3) the impact of legislation in 1996 on the capitalization of SAIF and the status of the FSLIC Resolution Fund's liquidation activities and funding.<p/>GAO noted that: (1) the financial statements of each fund were reliable in all material respects; (2) although certain internal controls should be improved, FDIC management fairly stated that internal controls in place on December 31, 1996, were effective in safeguarding assets from material loss, assuring material compliance with relevant laws and regulations, and assuring that there were no material misstatements in the financial statements of the three funds administered by FDIC; and (3) there was no reportable noncompliance with laws and regulations GAO tested. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-97-111/html/GAOREPORTS-AIMD-97-111.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-97-111/pdf/GAOREPORTS-AIMD-97-111.pdf GAO/AIMD-97-111 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-97-111 Letter Report GAO/AIMD-97-111; Financial Audit: Federal Deposit Insurance Corporation's 1996 and 1995 Financial Statements; Internal controls Accounting procedures Reporting requirements Federal corporations Financial statement audits Auditing standards Fund audits Bank failures Bank Insurance Fund Savings Association Insurance Fund FSLIC Resolution Fund BIF SAIF Title 12 Section 1827(d) 12 U.S.C. 1827(d) Title 31 Section 1304 31 U.S.C. 1304