Financial Audit:

Export-Import Bank's Financial Statements for 1985 and 1984

AFMD-86-60: Published: Jun 25, 1986. Publicly Released: Jun 25, 1986.

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GAO reviewed the financial statements and internal accounting controls of the Export-Import Bank of the United States (Eximbank) for the years ended September 30, 1985 and 1984.

GAO found that: (1) Eximbank's financial statements were misleading because they did not reflect the material losses that resulted from uncollectible foreign loans and claim payments that arose from loan defaults; (2) there were $4.9 billion of delinquent or rescheduled loans in Eximbank's loan portfolio; (3) there were no material internal control weaknesses or violations of laws and regulations that could materially affect Eximbank's financial statements; and (4) the statements did not present fairly the financial position of Eximbank as of September 30, 1985 and 1984, or the results of its operations and changes in its financial position for the years then ended, in conformity with generally accepted accounting principles.

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