FDIC Management Letter

AIMD-95-137ML: Published: Jun 5, 1995. Publicly Released: Jun 5, 1995.

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GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) accounting procedures and internal controls that warranted management attention in 1994, focusing on issues relating to: (1) receipts and disbursements; (2) reconciliations; (3) the loan loss reserve system; (4) electronic data processing; and (5) FDIC policies and procedures. GAO noted that FDIC has not: (1) adequately restricted access to its accounts payable system, reviewed procedures at its field offices, ensured that its contractors adequately segregated duties to decrease fraudulent payments, enforced its controls over travel accounting and examination procedures; (2) ensured that receipts were not properly controlled or deposited promptly; (3) instructed its servicers to reconcile their general ledgers using total assets rather than asset type; (4) adequately documented its liability balances or resolved reconciling differences promptly; (5) used its liability and dividend system to reconcile claims and dividends; (6) reconciled its payroll and travel expenses on a regular basis; (7) resolved identified anomalies that resulted in unprocessed loan loss reserve adjustments; and (8) implemented or standardized its change management policy. GAO also noted that FDIC needs to enhance its disaster recovery plan, complete revisions of its policies and procedures for asset securitization, and implement policies and procedures for calculating reserves on assets from open assistance transactions.

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