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 2004-02-13 monographic deposited born digital 58 p. GA 1.13:GAO-04-429 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-429 P0b002ee1803797b8 f:d04429 DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-04-429 machine generated eng fdlp REPORT GAOREPORTS-GAO-04-429 GAO-04-429 Financial statement audits Internal controls Reporting requirements Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Other Written Product A09258

GAO is required to annually audit the financial statements of the Bank Insurance Fund (BIF), Savings Association Insurance Fund (SAIF), and FSLIC Resolution Fund (FRF), which are administered by the Federal Deposit Insurance Corporation (FDIC). GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for BIF, SAIF, and FRF, are presented fairly in all material respects, in conformity with U.S. generally accepted accounting principles, whether it maintains effective internal controls, and whether FDIC has complied with selected laws and regulations. Created in 1933 to insure bank deposits and promote sound banking practices, FDIC plays an important role in maintaining public confidence in the nation's financial system. In 1989, legislation to reform the federal deposit insurance system created three funds to be administered by FDIC: BIF and SAIF, which protect bank and savings deposits, and FRF, which was created to close out the business of the former Federal Savings and Loan Insurance Corporation. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-429/html/GAOREPORTS-GAO-04-429.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-429/pdf/GAOREPORTS-GAO-04-429.pdf GAO-04-429 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-429 Other Written Product GAO-04-429; Financial Audit: Federal Deposit Insurance Corporation Funds' 2003 and 2002 Financial Statements; Financial statement audits Internal controls Reporting requirements Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Title 12 Section 1811 Title 12 Section 1827(d) 12 U.S.C. 1811 12 U.S.C. 1827(d) Title 31 Section 3512 31 U.S.C. 3512 Volume 113 Page 1501A-3 113 Stat. 1501A-3 Public Law 106-113