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 2004-03-04 monographic deposited born digital 15 p. GA 1.13:GAO-04-522T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-522T P0b002ee18037d480 f:d04522t DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-04-522T machine generated eng fdlp REPORT GAOREPORTS-GAO-04-522T GAO-04-522T Accounting standards Bank deposits Computer security Financial management systems Financial statement audits Funds management Internal controls Reporting requirements Risk management Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Testimony A09431

GAO is required to annually audit the financial statements of the three funds administered by the Federal Deposit Insurance Corporation (FDIC): the Bank Insurance Fund (BIF), the Savings Association Insurance Fund (SAIF), and the FSLIC (Federal Savings and Loan Insurance Corporation) Resolution Fund (FRF). 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, and whether FDIC maintains effective internal controls and 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. GAO was asked by the Chairwoman of the House Subcommittee on Oversight and Investigations, Committee on Financial Services, to discuss the results of its February 13, 2004, report, Financial Audit: Federal Deposit Insurance Corporation Funds' 2003 and 2002 Financial Statements (GAO-04-429). https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-522T/html/GAOREPORTS-GAO-04-522T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-522T/pdf/GAOREPORTS-GAO-04-522T.pdf GAO-04-522T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-522T Testimony GAO-04-522T; Federal Deposit Insurance Corporation: Results of 2003 and 2002 Financial Audits; Accounting standards Bank deposits Computer security Financial management systems Financial statement audits Funds management Internal controls Reporting requirements Risk management Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Title 112 Section 1827(d) 112 U.S.C. 1827(d)