Pursuant to a legislative requirement, GAO provided information on internal control weaknesses identified during GAO's audits of the Federal Deposit Insurance Corporation's (FDIC) 1999 financial statements.

GAO noted that there were: (1) losses in the securitization-related escrow account; (2) errors in the allowance calculation for FDIC receivables; and (3) weaknesses with account transaction controls within FDIC's Financial Information Management System.