Accounting procedures (21 - 30 of 83 items)
Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures
GAO-06-772R: Published: Jul 11, 2006. Publicly Released: Jul 11, 2006.
In March 2006, we issued our opinions on the calendar year 2005 financial statements of the Bank Insurance Fund (BIF), the Savings Association Insurance Fund (SAIF), and the FSLIC Resolution Fund (FRF). We also issued our opinion on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting (including safeguarding assets) and compliance as of...
Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges
GAO-03-138: Published: Oct 4, 2002. Publicly Released: Oct 23, 2002.
A number of well-publicized announcements about financial statement restatements by large, well-known public companies have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Industry officials and academics have speculated that several fa...
Financial Audit: Accounting and Internal Control Issues Identified During GAO's 1999 FDIC Financial Statement Audits
AIMD-00-271R: Published: Aug 11, 2000. Publicly Released: Aug 11, 2000.
Pursuant to a legislative requirement, GAO provided information on internal control weaknesses identified during GAO's audits of the Federal Deposit Insurance Corporation's (FDIC) 1999 financial statements.GAO noted that there were: (1) losses in the securitization-related escrow account; (2) errors in the allowance calculation for FDIC receivables; and (3) weaknesses with account transaction cont...
Financial Audit: Other Matters Identified During GAO's 1998 FDIC Financial Statement Audits
AIMD-99-275R: Published: Aug 24, 1999. Publicly Released: Aug 24, 1999.
Pursuant to a legislative requirement, GAO provided information on internal control weaknesses identified during GAO's audits of the Federal Deposit Insurance Corporation's (FDIC) 1998 financial statements.GAO noted that: (1) FDIC calculates loss allowances on receivables from resolution of troubled and failed financial institutions, and on assets acquired from assisted financial institutions and...
Financial Audit: Federal Deposit Insurance Corporation's 1997 and 1996 Financial Statements
AIMD-98-204: Published: Jun 29, 1998. Publicly Released: Jun 29, 1998.
Pursuant to a legislative requirement, GAO audited the financial statements of the Bank Insurance Fund, the Savings Association Insurance Fund, and the Federal Savings and Loan Insurance Corporation Resolution Fund for the years ended December 31, 1997, and 1996. GAO also reviewed: (1) the Federal Deposit Insurance Corporation (FDIC) management's assertions regarding the effectiveness of its inter...
Federal Reserve Banks: Internal Controls Over Cash at Atlanta, Los Angeles, and Philadelphia Banks
AIMD-97-127: Published: Aug 28, 1997. Publicly Released: Aug 28, 1997.
Pursuant to a congressional request, GAO reviewed the work of the Federal Reserve's external auditor, Coopers & Lybrand L.L.P., in reporting on the effectiveness of the internal control structure over financial reporting for cash at the Atlanta and Philadelphia Federal Reserve Banks, and the Los Angeles Branch, focusing on whether: (1) the work was conducted in accordance with applicable professio...
Financial Audit: Federal Deposit Insurance Corporation's 1996 and 1995 Financial Statements
AIMD-97-111: Published: Jun 30, 1997. Publicly Released: Jun 30, 1997.
GAO audited: (1) the financial statements of the Bank Insurance Fund and the Savings Association Insurance Fund (SAIF) for the years ended December 31, 1996 and 1995, and the financial statements of the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund for the years ended December 31, 1996. GAO also reviewed: (1) the Federal Deposit Insurance Corporation (FDIC) management's as...
Financial Derivatives: Actions Taken or Proposed Since May 1994
GGD/AIMD-97-8: Published: Nov 1, 1996. Publicly Released: Nov 1, 1996.
GAO conducted a follow-up review of the regulation of financial derivative products, focusing on actions taken or proposed since May 1994 to: (1) strengthen corporate governance and internal controls for derivatives dealers and major end-users; (2) improve regulation of major U.S. derivatives dealers; (3) provide federal oversight of major derivatives dealers that are unregulated affiliates of sec...
Federal Reserve Banks: Inaccurate Reporting of Currency at the Los Angeles Branch
AIMD-96-146: Published: Sep 30, 1996. Publicly Released: Sep 30, 1996.
Pursuant to a congressional request, GAO reviewed currency activity reports prepared by the Los Angeles Federal Reserve Bank, focusing on: (1) problems in reporting currency activity for Federal Reserve System (FRS) note receipts, payments, and amount on hand; and (2) corrective actions planned or taken by FRS to resolve those problems.GAO found that the Los Angeles Bank: (1) incorrectly prepared...
State Bank Reconciliations
AIMD-96-164R: Published: Sep 12, 1996. Publicly Released: Sep 12, 1996.
GAO reviewed the State Department's Mexico City Financial Services Center's (FSC) efforts to reconcile 30 active foreign currency bank accounts and one U.S. dollar bank account by April 30, 1996. GAO noted that: (1) the Mexico City FSC completed reconciliation of some active bank accounts, but additional work is needed to reconcile, close out, or transfer large balance accounts to the Charleston F...