United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1995-07-31 monographic deposited born digital 43 p. GA 1.13:GGD-95-126 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-95-126 P0b002ee18038e1a1 f:gg95126 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GGD-95-126 machine generated eng fdlp REPORT GAOREPORTS-GGD-95-126 GGD-95-126 Inspectors General Reporting requirements Auditing standards Bank failures Bank management Insured commercial banks Savings and loan associations Losses Auditing procedures Bank examination Bank Insurance Fund BIF Letter Report GGD

Pursuant to a legislative requirement, GAO: (1) assessed the preparations, procedures, and audit guidelines that certain Inspectors General (IG) have established for material loss reviews (MLR); (2) verified the information contained in the MLR reports; (3) recommended improvements in bank supervision based on MLR reports issued between July 1, 1993 and June 30, 1994; and (4) assessed the economy and efficiency of the current MLR process.<p/>GAO found that the IG reviewed have satisfied their MLR responsibilities by: (1) establishing a statement of understanding (SOU) that coordinates their approaches in performing MLR; (2) initiating and completing several pilot studies; (3) hiring staff with bank and audit experience; and (4) developing relevant training programs and comprehensive audit guidelines. In addition, GAO found that: (1) if these MLR guidelines are implemented correctly, they will be adequate in determining the causes of bank failures, as well as the quality of bank supervision; (2) the costs associated with producing MLR reports can be considerable, and may include personnel and financial expenditures that cause temporary operational disruptions to IG offices; and (3) the current MLR requirements do not always give IG sufficient time to review reports prepared by other Federal Deposit Insurance Corporation (FDIC) officials who investigated causes of bank failures. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-95-126/html/GAOREPORTS-GGD-95-126.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-95-126/pdf/GAOREPORTS-GGD-95-126.pdf GAO/GGD-95-126 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-95-126 Letter Report GAO/GGD-95-126; Inspectors General: Mandated Studies to Review Costly Bank and Thrift Failures; Inspectors General Reporting requirements Auditing standards Bank failures Bank management Insured commercial banks Savings and loan associations Losses Auditing procedures Bank examination Bank Insurance Fund BIF Title 12 Section 1831o(k) 12 U.S.C. 1831o(k) Title 18 Section 1811et seq. 18 U.S.C. 1811et seq. Public Law 102-242