Financial Audit:

Resolution Trust Corporation's Management Letter as of December 31, 1993

AIMD-94-181ML: Published: Aug 30, 1994. Publicly Released: Aug 30, 1994.

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GAO reviewed the Resolution Trust Corporation's (RTC) accounting procedures and internal controls that warrant management attention. GAO noted that: (1) the RTC Chief Financial Officer does not have direct involvement in planning or analyzing the results of the estimated cash recovery calculation; (2) the RTC Field Accounting Section does not properly review subrogated claims receivable balances to identify situations in which actual recoveries exceed the recorded receivable balances prior to receipt of the final dividend; (3) the RTC Corporate Accounting Unit (CAU) does not prepare required monthly reconciliations of non-cash dividends and offsets of preferred claims; (4) misclassifications between cash and non-cash recoveries on subrogated claims have not been corrected for receiverships because the general ledgers for the receiverships have been closed; and (5) several general ledger adjustments identified during the December 31, 1993 reconciliation process were not reflected in RTC 1993 financial statements.

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