[Comments on FIRREA and CFO Act Audit Requirements for FDIC]

B-239201.3 Published: Jul 25, 1991. Publicly Released: Jul 25, 1991.
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GAO commented on whether required audits of Federal Deposit Insurance Corporation (FDIC) financial statements, subject to audit provisions of the Federal Institutions Reform, Recovery, and Enforcement Act of 1989 and the Chief Financial Officers Act of 1990, were consistent. GAO noted that: (1) even though the audits GAO plans to conduct on three FDIC administered funds would satisfy the audit provisions of both acts, its audits did not relieve FDIC of its responsibility to issue an annual management report to Congress; and (2) there was no basis for requiring the GAO Office of the Inspector General to audit FDIC financial statements, since the GAO Comptroller General already planned to conduct such audits.