Financial Audit:

Federal Deposit Insurance Corporation's 1988 and 1987 Financial Statements

AFMD-89-63: Published: Apr 28, 1989. Publicly Released: Apr 28, 1989.

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GAO examined the Federal Deposit Insurance Corporation's (FDIC): (1) financial statements for the years ended December 31, 1988 and 1987; and (2) internal accounting controls and compliance with laws and regulations for the year ended December 31, 1988.

GAO found that: (1) the financial statements presented fairly, in all material respects, the FDIC financial position as of December 31, 1988 and 1987, and the results of its operations and its cash flow for the years then ended; (2) its limited review of FDIC internal controls did not disclose any material weaknesses; and (3) FDIC complied with laws and regulations for the transactions tested. GAO also found that: (1) in 1988, FDIC incurred a net loss of $4.2 billion; and (2) FDIC anticipates that it will have net income in 1989. GAO believes that the FDIC insurance fund should be increased through higher insurance premiums because of uncertainties facing the banking industry.

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  • auditing icon, source: PhotoDisc

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