Accounting procedures (41 - 43 of 43 items)
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...
The Need to Improve Auditing in the Savings and Loan Industry
T-AFMD-89-2: Published: Feb 21, 1989. Publicly Released: Feb 21, 1989.
GAO discussed problems with independent audits of savings and loan associations (S&L) and its suggestions for improving the quality and regulatory use of such audits. GAO noted that its review of audits of 11 failed S&L found that certified public accountants (CPA) did not adequately: (1) evaluate risks associated with high-risk loans, identify collectivity problems associated with restructured lo...
Financial Audit: Federal Deposit Insurance Corporation's 1986 and 1985 Financial Statements
AFMD-87-58: Published: Aug 12, 1987. Publicly Released: Aug 12, 1987.
GAO examined the financial statements of the Federal Deposit Insurance Corporation (FDIC) for the years ended December 31, 1986 and 1985.GAO found that: (1) FDIC was not following internal control procedures that required it to reconcile certain accounts monthly, but took action to ensure that reconciliations were completed in a timely manner; (2) the financial condition of certain sectors of the...