Federal Deposit Insurance Corporation's 1998 and 1997 Financial Statements
AIMD-99-202, Jun 30, 1999
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, 1998 and 1997. GAO also reviewed: (1) the Federal Deposit Insurance Corporation (FDIC) management's assertions regarding the effectiveness of its internal control as of December 31, 1998; and (2) FDIC's compliance with laws and regulations during 1998.
GAO noted that: (1) the financial statements of each fund were fairly presented in all material respects; (2) FDIC management fairly stated that internal control in place on December 31, 1998, was effective in ensuring that there were no material misstatements in the financial statements of the three funds administered by FDIC, and ensuring material compliance with selected laws and regulations; and (3) there was no reportable noncompliance with laws and regulations GAO tested.