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 2005-02-11 monographic deposited born digital 62 p. GA 1.13:GAO-05-281 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-281 P0b002ee18037e7a0 f:d05281 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GAO-05-281 machine generated eng fdlp REPORT GAOREPORTS-GAO-05-281 GAO-05-281 Financial statement audits Internal controls Reporting requirements Bank Insurance Fund FSLIC Resolution Fund Savings Association Insurance Fund Other Written Product A17577

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, and whether FDIC maintained effective internal control over financial reporting and compliance. Also, GAO is responsible for testing FDIC's compliance 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-05-281/html/GAOREPORTS-GAO-05-281.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-281/pdf/GAOREPORTS-GAO-05-281.pdf GAO-05-281 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-281 Other Written Product GAO-05-281; Financial Audit: Federal Deposit Insurance Corporation Funds' 2004 and 2003 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