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GAO-17-299R 1 (2017-02-15)

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GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE
441 G St. N.W.
Washington, DC 20548


February 15, 2017

The Honorable Michael Crapo
Chairman
The Honorable Sherrod Brown
Ranking Member
Committee on Banking, Housing, and Urban Affairs
United States Senate

The Honorable Jeb Hensarling
Chairman
The Honorable Maxine Waters
Ranking Member
Committee on Financial Services
House of Representatives

Financial Audit: Federal Deposit Insurance Corporation Funds' 2016 and 2015 Financial
Statements

This report transmits the GAO auditor's report on the results of our audits of the 2016 and 2015
financial statements for the two funds the Federal Deposit Insurance Corporation (FDIC)
administers-the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance
Corporation (FSLIC) Resolution Fund (FRF)-which is incorporated in the enclosed Federal
Deposit Insurance Corporation 2016 Annual Report.

As discussed more fully in the auditor's report that begins on page 119 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, 2016, and 2015, are fairly presented, in all material respects, in accordance
   with U.S. generally accepted accounting principles;
* although internal controls could be improved, FDIC maintained, in all material respects,
   effective internal control over financial reporting relevant to the DIF and to the FRF as of
   December 31, 2016; and
* with respect to the DIF and to the FRF, no reportable instances of noncompliance for 2016
   with provisions of applicable laws, regulations, contracts, and grant agreements we tested.


GAO-17-299R FDIC Funds' 2016 and 2015 Financial Statements


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