Accounting procedures (61 - 70 of 83 items)
Bank and Thrift Regulation: Improvements Needed in Examination Quality and Regulatory Structure
T-AFMD-93-2: Published: Feb 16, 1993. Publicly Released: Feb 16, 1993.
GAO reviewed bank and thrift examinations and bank holding company inspections performed by the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS). GAO noted that: (1) 94 percent of the bank and thrift examinations performed did not include an adequate assessment of internal controls...
Bank Examination Quality: FDIC Examinations Do Not Fully Assess Bank Safety and Soundness
AFMD-93-12: Published: Feb 16, 1993. Publicly Released: Feb 16, 1993.
GAO reviewed bank examinations performed by the Federal Deposit Insurance Corporation (FDIC).GAO found that: (1) the most recent FDIC examination did not include sufficient evidence for detecting loan quality problems for at least 40 percent of the banks FDIC supervised as of September 30, 1990; (2) FDIC officials believed that examiners were adequately evaluating loans but were not documenting th...
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...
High Risk Series: Bank Insurance Fund
HR-93-3: Published: Dec 1, 1992. Publicly Released: Dec 1, 1992.
GAO reviewed the Bank Insurance Fund, focusing on the factors that contributed to the depletion of the Fund's reserves and the need for improved accounting rules and bank examinations.GAO noted that: (1) during the 1980s, U.S. banks made riskier loans to increase their customer base and fight competition from other domestic and foreign financial service vendors; (2) weak internal controls, flawed...
Resolution Trust Corporation: Subcontractor Cash Management Practices Violate Policy and Reduce Income
GGD-93-7: Published: Oct 20, 1992. Publicly Released: Oct 20, 1992.
GAO reviewed: (1) weaknesses in the Resolution Trust Corporation's (RTC) Standard Asset Management and Disposition Agreement (SAMDA) subcontractors' cash management practices; and (2) RTC policy on using interest-bearing bank accounts.GAO found that: (1) RTC policy requires that SAMDA contractors and subcontractors deposit all funds from asset management-related activities into a receipt account a...
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...
Resolution Trust Corporation: Assessing Portfolio Sales Using Participating Cash Flow Mortgages
GGD-92-33BR: Published: Feb 25, 1992. Publicly Released: Apr 15, 1992.
Pursuant to a congressional request, GAO reviewed the Resolution Trust Corporation's (RTC) pilot program of portfolio sales using participating cash-flow mortgages.GAO found that: (1) as of September 30, 1991, $45 billion of the $147 billion in assets that RTC held in inventory from failed thrifts were in such hard-to-sell assets as delinquent loans and commercial real estate; (2) commercial real...
Comprehensive Deposit Insurance Reform and Taxpayer Protection Act of 1991: Observations on Accounting Reforms and Funding for the Bank Insurance Fund
T-AFMD-92-3: Published: Dec 11, 1991. Publicly Released: Dec 11, 1991.
GAO discussed recently passed legislation regarding bank deposit insurance protection, focusing on: (1) the level of funding the act provides for the Bank Insurance Fund; and (2) accounting reforms. GAO noted that: (1) the legislation provides the Fund with approximately $70 billion in borrowing authority to resolve problem banks; (2) $30 billion of that amount is for losses the Fund incurs in res...
Failed Banks: Accounting and Auditing Reforms Urgently Needed
AFMD-91-43: Published: Apr 22, 1991. Publicly Released: Apr 22, 1991.
GAO analyzed the financial reports prepared by managers and regulators' examination reports for 39 banks that failed in 1988 and 1989 to identify: (1) the impact of accounting and internal control weaknesses on those failures; and (2) reforms that could minimize future losses to the Bank Insurance Fund.GAO found that: (1) examination of the call reports banks prepared an average 6 months prior to...