Financial Audit:

Federal Deposit Insurance Corporation's 1992 and 1991 Financial Statements

AIMD-93-5: Published: Jun 30, 1993. Publicly Released: Jun 30, 1993.

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GAO reviewed the financial statements of the Bank Insurance Fund, the Savings Association Insurance Fund, and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund for the years ended December 31, 1992 and 1991.

GAO found that: (1) the financial statements for the Bank Insurance Fund, FSLIC Resolution Fund, and the Savings Association Insurance Fund present fairly their financial position and their results of operations and cash flows for the year ended December 31, 1992; (2) the Federal Deposit Insurance Corporation's (FDIC) inadequate internal controls prevent it from providing reasonable assurance that assets are safeguarded against loss from unauthorized use, transactions are executed in accordance with management's authority, and transactions are properly recorded, processed, and summarized to maintain accountability for assets; (3) FDIC internal controls are effective in ensuring compliance with selected laws and regulations; and (4) there were no instances of noncompliance with laws and regulations.

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