FDIC's 1995 Management Letter

AIMD-96-143R: Published: Sep 11, 1996. Publicly Released: Sep 11, 1996.

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GAO provided information on accounting procedures and internal controls identified in its 1995 audits of the Federal Deposit Insurance Corporation (FDIC) that need improvement. GAO noted that: (1) FDIC disbursement problems included FDIC officials exceeding their disbursement authority, inadequate controls over travel expenses, failure to follow disbursement review procedures consistently, and inadequate access limitations to the signature verification system; (2) access to financial information system resources data files and use of group log-on identifications was excessive; (3) FDIC security privileges and system access procedures were inadequate; (4) FDIC needed to adhere to systems development life cycle requirements, and enhance its disaster recovery plan and program change control process; (5) other issues included the nonexistence of policies and procedures for calculating reserves on assets from open assistance transactions, debiting institution accounts without proper authorization, and FDIC failure to document least cost resolution decisions; and (6) GAO made several suggestions to FDIC on improving employee training, system controls, methodologies, planning, and policies and procedures.

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