T-AFMD-91-6:
Published: May 30, 1991. Publicly Released: May 30, 1991.
GAO discussed the Financial Accounting Standards Board (FASB) exposure draft entitled "Disclosures about Market Value of Financial Instruments." In a series of reports, GAO identified accounting, auditing, and internal control weaknesses, which continue to be a significant cause of bank failures. These breakdowns in corporate governance led to bank failures and highlighted a seriously flawed warni...