1994 RTC Management Letter

AIMD-95-212R: Published: Jul 25, 1995. Publicly Released: Jul 25, 1995.

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GAO reviewed the Resolution Trust Corporation's (RTC) internal and electronic data processing (EDP) controls that warrant management attention. GAO noted that: (1) RTC procedures for entering and maintaining asset information are not consistently applied, resulting in an understatement of the recorded balances; (2) the reconciliation and settlement of RTC National Sales program transactions is incomplete; (3) the RTC Corporate Accounting Unit does not perform a monthly reconciliation of its overall petty cash fund account balance; (4) RTC equity accounts are not properly reconciled using adequate supporting documentation; (5) problems with RTC Asset Manager System (AMS) account reconciliations could impede the timely and orderly closeout of expiring AMS contracts if these reconciliations are not corrected; (6) there are no formal procedures to ensure that the costs of environmentally impaired assets are adequately considered in the asset valuation process; (7) access to EDP systems and software is not adequately restricted to authorized RTC personnel, reducing system integrity; and (8) certain program changes have not been performed in accordance with established system development and maintenance policies and procedures.

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