Financial Audit:

Federal Deposit Insurance Corporation's 1999 and 1998 Financial Statements

AIMD-00-157, May 26, 2000

Contact:

Robert W. Gramling
(202) 512-3000
contact@gao.gov

 

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

Pursuant to a legislative requirement, GAO reviewed the financial statements of the Bank Insurance Fund, the Savings Association Insurance Fund, and the Federal Savings and Loan Insurance Corporation Resolution Fund for the years ended December 31, 1999 and 1998. GAO also reviewed: (1) the Federal Deposit Insurance Corporation (FDIC) management's assertions regarding the effectiveness of its internal controls as of December 31, 1999; and (2) FDIC's compliance with laws and regulations during 1999.

GAO noted that: (1) the financial statements of each fund are presented fairly, in conformity with generally accepted accounting principles; (2) although certain internal controls should be improved, FDIC had effective internal control over financial reporting (including safeguarding of assets) and compliance with laws and regulations; and (3) there were no reportable noncompliance with the laws and regulations that GAO tested.