Financial Audit: Federal Deposit Insurance Corporation's 1986 and 1985 Financial Statements
AFMD-87-58
Published: Aug 12, 1987. Publicly Released: Aug 12, 1987.
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Highlights
GAO examined the financial statements of the Federal Deposit Insurance Corporation (FDIC) for the years ended December 31, 1986 and 1985.
Recommendations
Recommendations for Executive Action
Agency Affected | Recommendation | Status |
---|---|---|
Federal Deposit Insurance Corporation | The Chairman of the Board of Directors, FDIC, should instruct the Director of the Division of Accounting and Corporate Services (DACS) to report monthly on the status of the current reconciliation project until it is completed and, after the project is completed, to report any additional major unreconciled differences and reiterate to personnel responsible for the reconciliations the importance of timely completion of the reconciliations. |
Closed – Implemented
The reconciliation project was completed in late 1987, and the Director, DACS, reported this fact to the Chairman of the Board of Directors. The revised reconciliation policies and procedures ensures that the imbalances between the accounts are corrected on a timely basis and all personnel understand the importance of timely reconciliations.
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Federal Deposit Insurance Corporation | The Chairman of the Board of Directors, FDIC, should instruct the Director, Office of Corporate Audits and Internal Investigations (OCAII), to monitor and report on the progress and effectiveness of the reconciliation project. |
Closed – Implemented
In February 1988, the Director, OCAII, reported to FDIC that the DACS reconciliation project was complete and that DACS had implemented new and revised policies and procedures that would ensure timely reconciliations in the future. OCAII stated that it will review the reconciliation process through regularly scheduled audits to ensure that policies and procedures are being followed.
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Topics
Accounting errorsAccounting proceduresAuditing standardsCorporate auditsFederal corporationsFinancial managementFinancial recordsFinancial statement auditsInternal controlsReporting requirements