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WE WILL ALSO ISSUE AN AUDIT REPORT TO THE CONGRESS OF THE UNITED STATES CONTAINING SUCH COMMENTS AND INFORMATION AS IS DEEMED NECESSARY TO KEEP THE CONGRESS INFORMED OF THE OPERATIONS OF THE BANK. THE RELATED STATEMENTS OF INCOME AND EXPENSE AND ANALYSIS OF RETAINED INCOME RESERVE AND OF SOURCES AND APPLICATION OF FUNDS FOR THE YEAR THEN ENDED WAS MADE IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS AND INCLUDED SUCH TESTS OF THE ACCOUNTING RECORDS AND SUCH OTHER AUDITING PROCEDURES AS WE CONSIDERED NECESSARY IN THE CIRCUMSTANCES. THE NET INCOME REPORTED BY THE BANK IS STATED BEFORE ANY PROVISION FOR FUTURE LOSSES THAT MAY BE SUSTAINED ON LOANS RECEIVABLE OR ON GUARANTEES AND INSURANCE.

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B-114823, SEP. 23, 1964

TO THE BOARD OF DIRECTORS, EXPORT-IMPORT BANK OF WASHINGTON:

THE GENERAL ACCOUNTING OFFICE HAS MADE AN AUDIT OF THE EXPORT-IMPORT BANK OF WASHINGTON, A WHOLLY OWNED GOVERNMENT CORPORATION, FOR THE FISCAL YEAR ENDED JUNE 30, 1964, PURSUANT TO THE GOVERNMENT CORPORATION CONTROL ACT (31 U.S.C. 841). AS REQUIRED BY THIS ACT, WE WILL ALSO ISSUE AN AUDIT REPORT TO THE CONGRESS OF THE UNITED STATES CONTAINING SUCH COMMENTS AND INFORMATION AS IS DEEMED NECESSARY TO KEEP THE CONGRESS INFORMED OF THE OPERATIONS OF THE BANK.

OUR EXAMINATION OF THE STATEMENT OF FINANCIAL CONDITION OF THE BANK AS OF JUNE 30, 1964, AND THE RELATED STATEMENTS OF INCOME AND EXPENSE AND ANALYSIS OF RETAINED INCOME RESERVE AND OF SOURCES AND APPLICATION OF FUNDS FOR THE YEAR THEN ENDED WAS MADE IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS AND INCLUDED SUCH TESTS OF THE ACCOUNTING RECORDS AND SUCH OTHER AUDITING PROCEDURES AS WE CONSIDERED NECESSARY IN THE CIRCUMSTANCES.

THE NET INCOME REPORTED BY THE BANK IS STATED BEFORE ANY PROVISION FOR FUTURE LOSSES THAT MAY BE SUSTAINED ON LOANS RECEIVABLE OR ON GUARANTEES AND INSURANCE. HOWEVER, ALL ACCUMULATED NET INCOME, AFTER THE PAYMENT OF DIVIDENDS, HAS BEEN RESERVED AS A PROVISION FOR FUTURE LOSSES. WE ARE UNABLE TO EXPRESS AN OPINION ON THE ADEQUACY OF THE AMOUNT RESERVED TO MEET FUTURE LOSSES BECAUSE OF THE UNDETERMINABLE FACTORS AFFECTING THE STATUS OF THE LOANS, GUARANTEES, AND INSURANCE.

IN OUR OPINION, SUBJECT TO THE COMMENTS IN THE PRECEDING PARAGRAPH, THE ACCOMPANYING FINANCIAL STATEMENTS PRESENT FAIRLY THE FINANCIAL POSITION OF THE EXPORT-IMPORT BANK OF WASHINGTON AT JUNE 30, 1964, AND THE RESULTS OF ITS OPERATIONS AND THE SOURCES AND APPLICATION OF ITS FUNDS FOR THE YEAR THEN ENDED, IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES APPLIED ON A BASIS CONSISTENT WITH THAT OF THE PRECEDING YEAR AND WITH APPLICABLE FEDERAL LAWS.

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