Financial Audit: Resolution Trust Corporation's 1993 and 1992 Financial Statements
AIMD-94-148
Published: Jun 27, 1994. Publicly Released: Jun 27, 1994.
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Highlights
Pursuant to a legislative requirement, GAO audited the Resolution Trust Corporation's (RTC) financial statements for the years ended December 31, 1993 and 1992. GAO also reviewed: (1) RTC progress in addressing identified internal control weaknesses; (2) new internal control weaknesses; and (3) issues affecting estimated recoveries from failed thrifts.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Resolution Trust Corporation | The RTC Chief Financial Officer should direct RTC staff to monitor implementation and progress of the corrective actions related to the weaknesses GAO identified in general controls over some RTC computerized information systems, posting securitization-related wire receipts, and reconciliations of receiverships' asset balances to detailed asset records. |
During a 1994 audit, GAO found that RTC improved its internal controls by implementing correction plans designed to address weaknesses in its general controls over some RTC computer systems, posting securitization-related wire receipts, and inputting correct receivership asset balances used in monthly reconciliations. Based on GAO's positive internal control test results for 1994, RTC adequately addressed the weaknesses that GAO identified. However, because GAO identified other EDP general control weaknesses during the 1994 audit, a general EDP control reportable condition was included in GAO's 1994 financial audit report.
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