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GAO-12-752R 1 (2012-07-19)

handle is hein.gao/gaobacghs0001 and id is 1 raw text is: GAO Accounftability * Integrity - Reliability United States Government Accountability Office Washington, DC 20548 July 19, 2012 The Honorable Steven 0. App Deputy to the Chairman and Chief Financial Officer Federal Deposit Insurance Corporation Subject: Management Report: Opportunities for Improvements in FDIC's Shared Loss Estimation Process Dear Mr. App: In April 2012, we issued our report on the results of our audits of the financial statements of the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation Resolution Fund (FRF) as of and for the years ending December 31, 2011, and 2010, and on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting as of December 31, 2011. We also reported our conclusions on FDIC's compliance with selected provisions of laws and regulations.1 As part of that audit, we identified a significant deficiency2 in FDIC's internal control over its shared loss estimation process for the DIF. The purpose of this report is to present additional information on the control deficiencies we identified during our 2011 audit that comprised the significant deficiency, along with our four related recommended corrective actions to address them. In addition, we are providing an update on our assessment of the status of recommendations we made to address control deficiencies identified in previous audits that were open at the beginning of our 2011 financial statement audits (see summary in encl. I). In a separate report3, we provided details on additional information technology-related deficiencies also identified during our 2011 FDIC financial statement audits. These findings and related recommendations were issued in a separate report due to their sensitive nature. 1GAO, Financial Audit: Federal Deposit Insurance Corporation Funds' 2011 and 2010 Financial Statements, GAO-12-416 (Washington, D.C.: Apr. 19, 2012). 2A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit the attention of those charged with governance. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to Prevent or detect and correct misstatements on a timely basis. GAO, Information Security: Opportunities Exist for the Federal Deposit Insurance Corporation to Improve Controls, GAO-12-609SU (Washington, D.C.: June 14, 2012). GAO-12-752R FDIC Management Report 2011

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