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G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE
441 G St. N.W.
Washington, DC 20548
February 13, 2020
The Honorable Michael Crapo
Chairman
The Honorable Sherrod Brown
Ranking Member
Committee on Banking, Housing, and Urban Affairs
United States Senate
The Honorable Maxine Waters
Chairwoman
The Honorable Patrick T. McHenry
Ranking Member
Committee on Financial Services
House of Representatives
Financial Audit: Federal Deposit Insurance Corporation Funds' 2019 and 2018 Financial
Statements
This report transmits the GAO auditor's report on the results of our audits of the 2019 and 2018
financial statements of the two funds that the Federal Deposit Insurance Corporation (FDIC)
administers-the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance
Corporation (FSLIC) Resolution Fund (FRF). The auditor's report is incorporated in the enclosed
Federal Deposit Insurance Corporation 2019 Annual Report.
As discussed more fully in the auditor's report that begins on page 113 of the enclosed agency
annual report, we found
* the financial statements of the DIF and of the FRF as of and for the years ended
December 31, 2019, and 2018, are presented fairly, in all material respects, in accordance
with U.S. generally accepted accounting principles;
* FDIC maintained, in all material respects, effective internal control over financial reporting
relevant to the DIF and to the FRF as of December 31, 2019; and
* with respect to the DIF and to the FRF, no reportable instances of noncompliance for 2019
with provisions of applicable laws, regulations, contracts, and grant agreements we tested.
Section 17 of the Federal Deposit Insurance Act, as amended, requires GAO to annually audit
the financial statements of the DIF and of the FRF.1 In addition, the Government Corporation
Control Act requires that FDIC annually prepare and submit audited financial statements to
Congress and authorizes GAO to audit the statements.2 This report responds to these
requirements.
1Act of September 21, 1950, Pub. L. No. 797, § 2[17], 64 Stat. 873, 890, classified as amended at 12 U.S.C. § 1827.
231 U.S.C. §§ 9101-9110.
GAO-20-328R FDIC Funds' 2019 and 2018 Financial Statements
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