United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2001-06-28 monographic deposited born digital 4 p. GA 1.13:GAO-01-905R https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-905R P0b002ee180371e15 f:d01905r DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-01-905R machine generated eng fdlp REPORT GAOREPORTS-GAO-01-905R GAO-01-905R Accounting errors Accounting procedures Accounting standards Financial statement audits Fund audits Internal controls Reporting requirements Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Correspondence A01391

GAO issued its opinions on the calendar year 2000 financial statements of the Bank Insurance Fund, Savings Association Insurance Fund, and FSLIC Resolution Fund in May 2001. GAO also issued its opinion on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control as of December 31, 2000, and its evaluation of FDIC's compliance with selected provisions of laws and regulations for the three funds for the year ended December 31, 2000. This report reviews the internal control weaknesses identified during GAO's audits of the 2000 financial statements, and recommends improvements to address those weaknesses. GAO found that FDIC has several internal control weaknesses related to financial reporting, including the execution of transactions. The weaknesses concern its asset valuation process and its allocation and recovery expenses. Specifically, GAO found that (1) errors in valuing receivership assets caused both overstatements and understatements in determining the allowance for loss related to receivables, (2) a calculation error in valuing equity partnership assets caused an overstatement in the allowance for loss related to other assets, and (3) incorrect operating expense amounts were allocated and recovered, which resulted in the incorrect distribution of operating expense charges among FDIC's funds. FDIC has instituted new control procedures to address these weaknesses. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-905R/html/GAOREPORTS-GAO-01-905R.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-905R/pdf/GAOREPORTS-GAO-01-905R.pdf GAO-01-905R https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-905R Correspondence GAO-01-905R; Financial Audit: Accounting and Internal Control Issues Identified During GAO's 2000 FDIC Financial Statement Audits; Accounting errors Accounting procedures Accounting standards Financial statement audits Fund audits Internal controls Reporting requirements Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Title 12 Section 1827 12 U.S.C. 1827 Title 31 Section 3512 31 U.S.C. 3512