Examination of Financial Statements of the Federal Deposit Insurance Corporation for the Year Ended December 31, 1979

GGD-80-81: Published: Jul 25, 1980. Publicly Released: Jul 25, 1980.

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The financial statements of the Federal Deposit Insurance Corporation (FDIC) were audited for the year ended December 31, 1979. The examination, made in accordance with the Comptroller General's standards for financial and compliance audits, included such tests of the accounting records and procedures considered necessary in the circumstances. The audit procedures were supplemented, to the extent possible, using the work of the FDIC internal auditors.

The financial statements presented fairly the financial position of FDIC at December 31, 1979, and the results of its operations and changes in its financial position for the year then ended. Additionally, the results were in comformity with generally accepted accounting principles and the accounting principles prescribed by the Comptroller General were applied on a basis consistent with that of the preceeding year. The deposit insurance fund of $9.8 billion at December 31, 1979, represented net income accumulated since the fund's beginning in 1933. It is available to meet future losses. It was believed that the fund was financially sound and adequate to meet potential losses that might result from problem conditions known to exist in specific insured banks at the end of 1979.

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