Financial Audit:

Federal Deposit Insurance Corporation's Management Letter as of December 31, 1993

AIMD-94-160ML: Published: Aug 29, 1994. Publicly Released: Aug 29, 1994.

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GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) accounting procedures and internal controls that warrant management attention, focusing on: (1) corporate operations; (2) consolidated office operations; (3) serviced asset pool operations; and (4) electronic data processing. GAO noted that: (1) FDIC account balances are not always reconciled on a timely basis; (2) FDIC reconciliations are not always approved by appropriate FDIC personnel; (3) FDIC could improve the validity and accuracy of its transactions; (4) FDIC has weaknesses in its general ledger account reconciliations, check receipt, and disbursement processes; (5) serviced asset balances are not properly reconciled; (6) FDIC transactions have been misclassified in servicers' financial activity reports; (7) loan servicer audits are not performed promptly; (8) servicers' accounting for subsidiary assets differs from FDIC; (9) contract servicers do not obtain audit coverage in all critical areas; and (10) FDIC does not have adequate electronic data processing controls to ensure that its computer files and programs are protected from unauthorized access or modification.

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