Internal controls (81 - 90 of 125 items)
Resolution Trust Corporation: Efforts Under Way to Address Management Weaknesses
GGD-95-109: Published: May 12, 1995. Publicly Released: May 12, 1995.
GAO reviewed the Resolution Trust Corporation's (RTC) efforts to address its management weaknesses, focusing on the: (1) long-term viability of the thrift insurance fund; and (2) disposition of RTC operations and workload.GAO found that: (1) RTC has improved its marketing and disposition methods by implementing two congressionally mandated management reforms, but it still has not implemented a val...
Financial Audit: Resolution Trust Corporation's 1993 and 1992 Financial Statements
AIMD-94-148: Published: Jun 27, 1994. Publicly Released: Jun 27, 1994.
Pursuant to a legislative requirement, GAO audited the Resolution Trust Corporation's (RTC) financial statements for the years ended December 31, 1993 and 1992. GAO also reviewed: (1) RTC progress in addressing identified internal control weaknesses; (2) new internal control weaknesses; and (3) issues affecting estimated recoveries from failed thrifts.GAO found that: (1) the RTC financial statemen...
Response to the International Swaps and Derivatives Association Position Paper
T-GGD-94-163: Published: Jun 14, 1994. Publicly Released: Jun 14, 1994.
GAO discussed the International Swaps and Derivatives Association's (ISDA) response to its recent report on financial derivatives. GAO noted that: (1) ISDA believes that the report contains valuable information and useful suggestions, but some recommendations are not supported by facts and would unduly increase costs and reduce the availability of financial derivatives; (2) it does not believe the...
Resolution Trust Corporation: Better Information Could Enhance Controls Over Loan Servicing Costs
GGD-94-41: Published: Dec 22, 1993. Publicly Released: Dec 22, 1993.
GAO discussed the Resolution Trust Corporation's (RTC) loan servicing contracting requirements, fee structures, and costs.GAO found that: (1) RTC regional offices do not coordinate their loan servicing contracting activities; (2) each RTC regional office independently awards its own servicing contracts, resulting in wide variations in the types and amounts of loan servicing fees paid by regional o...
Resolution Trust Corporation: Status of Management Efforts to Control Costs
GGD-94-19: Published: Oct 28, 1993. Publicly Released: Oct 28, 1993.
GAO reviewed the Resolution Trust Corporation's (RTC) efforts to monitor and control its liquidation costs.GAO found that: (1) RTC has incurred millions in unnecessary or questionable costs because it has not adequately controlled costs by adopting a stronger budget process, emphasizing cost control, and using expense accounting information to identify excess costs or expense reductions; (2) RTC e...
Financial Audit: Resolution Trust Corporation's Internal Controls at December 31, 1992
AIMD-93-50: Published: Sep 28, 1993. Publicly Released: Sep 28, 1993.
GAO evaluated the Resolution Trust Corporation's (RTC) internal controls as of December 31, 1992, to determine whether the controls reasonably ensured that: (1) assets were safeguarded against loss from unauthorized use or disposition; (2) transactions complied with management's authority and laws and regulations; and (3) transactions were properly recorded, processed, and summarized in accordance...
Banks and Thrifts: Safety and Soundness Reforms Need to Be Maintained
T-GGD-93-3: Published: Jan 27, 1993. Publicly Released: Jan 27, 1993.
GAO discussed the condition of the banking and thrift industries, focusing on: (1) the safety and soundness provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA); (2) the condition of the banking and thrift industries' insurance funds; (3) the volume of bank lending; and (4) congressional oversight. GAO noted that: (1) FDICIA requires that banks operate in a safe...
GGD-92-28R: Published: Aug 26, 1992. Publicly Released: Aug 26, 1992.
Pursuant to a congressional request, GAO reviewed the Commodity Futures Trading Commission's (CFTC) and self-regulatory organizations' (SRO) oversight of compliance with industry financial requirements by futures commission merchants. GAO found that: (1) CFTC and SRO have policies and procedures for monitoring compliance, which they followed in general; (2) SRO maintain watch lists of firms suspec...
Financial Audit: Resolution Trust Corporation's 1991 Management Letter
AFMD-92-90ML: Published: Aug 14, 1992. Publicly Released: Aug 14, 1992.
GAO reviewed the Resolution Trust Corporation's (RTC) consolidated and headquarters administrative accounts operations, focusing on the internal control structures and procedures. GAO found that: (1) RTC consolidated offices lack adequate internal controls; (2) consolidated offices do not report variances in the asset reconciliation process, often fail to promptly clear suspense accounts and recal...
Resolution Trust Corporation: Western Storm Investigation and Related Contracting Deficiencies
T-GGD-92-67: Published: Aug 6, 1992. Publicly Released: Aug 6, 1992.
GAO discussed its investigation of the Resolution Trust Corporation's (RTC) contracting procedures, focusing on the RTC Western Storm Project. GAO noted that: (1) RTC does not have a good, sound contracting process because RTC undervalues the significance of contracting; (2) the RTC staff's failure to plan for the project and to follow RTC contracting procedures led to excessive costs and inadequa...