Financial Audit:

Federal Asset Disposition Association's 1987 Financial Statements

AFMD-89-16: Published: Dec 29, 1988. Publicly Released: Dec 29, 1988.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a legislative requirement, GAO reviewed an independent accountant's audit of the Federal Asset Disposition Association's (FADA) financial statements for the year ended December 31, 1987.

GAO found that: (1) the auditor determined that the financial statements presented fairly the FADA financial position as of December 31, 1987, the results of its operations, and the changes in its financial position for the year then ended, subject to the effects of any adjustments due to an uncertainty in the FADA asset management fee income estimation process; (2) the auditor reported a material weakness in FADA procedures for ensuring the full collection of revenues from the rental properties it managed on behalf of receivers; (3) FADA agreed to develop procedures for tracking the revenue; and (4) the financial statements, together with the auditor's opinion and the GAO review of that work, provide Congress with a dependable basis for overseeing the financial position of FADA.

Nov 16, 2017

Nov 15, 2017

Nov 9, 2017

Oct 20, 2017

Sep 26, 2017

Looking for more? Browse all our products here