Federal Asset Disposition Association: No Economic Basis for Reported Fee Income Under 1988 Letter Agreement
AFMD-91-15
Published: Jul 29, 1991. Publicly Released: Jul 29, 1991.
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Highlights
GAO reviewed a 1988 letter agreement for asset management services between the Federal Asset Disposition Association (FADA) and the Federal Savings and Loan Insurance Corporation (FSLIC), focusing on: (1) the justification for FSLIC paying FADA for services performed under the letter agreement; and (2) whether FADA fairly presented the FSLIC payments in its December 31, 1988, financial statements.
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Accounting proceduresAssetsAuditing proceduresAuditsFederal corporationsFinancial recordsInsured commercial banksInteragency relationsInternal auditsReporting requirements