Financial Audit:

Federal Asset Disposition Association's 1987 Financial Statements

AFMD-89-16: Published: Dec 29, 1988. Publicly Released: Dec 29, 1988.

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Pursuant to a legislative requirement, GAO reviewed an independent accountant's audit of the Federal Asset Disposition Association's (FADA) financial statements for the year ended December 31, 1987.

GAO found that: (1) the auditor determined that the financial statements presented fairly the FADA financial position as of December 31, 1987, the results of its operations, and the changes in its financial position for the year then ended, subject to the effects of any adjustments due to an uncertainty in the FADA asset management fee income estimation process; (2) the auditor reported a material weakness in FADA procedures for ensuring the full collection of revenues from the rental properties it managed on behalf of receivers; (3) FADA agreed to develop procedures for tracking the revenue; and (4) the financial statements, together with the auditor's opinion and the GAO review of that work, provide Congress with a dependable basis for overseeing the financial position of FADA.

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