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AIMD-00-271R 1 (2000-08-11)

handle is hein.gao/gaobaalkw0001 and id is 1 raw text is: I GAO Accountability * Integrity * Reliability United States General Accounting Office Accounting and Information Washington, DC 20548 Management Division B-285928 August 11, 2000 Ms. Chris Sale Chief Financial Officer and Deputy to the Chairman Federal Deposit Insurance Corporation Subject: Financial Audit: Accounting and Internal Control Issues Identified During GAO's 1999 FDIC Financial Statement Audits Dear Ms. Sale: In May 2000, we issued our opinions on (1) the calendar year 1999 financial statements of the Bank Insurance Fund (BIF), Savings Association Insurance Fund (SAF), and FSLIC Resolution Fund (FRF), (2) the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control as of December 31, 1999, and (3) our evaluation of FDIC's compliance with laws and regulations for the year ended December 31, 1999.1 We conducted our audits pursuant to the provisions of section 17(d) of the Federal Deposit Insurance Act, as amended (12 U.S.C. 1827(d)), and in accordance with generally accepted government auditing standards. The purpose of this letter is to advise you of financial accounting issues and internal control weaknesses identified during our audits of the 1999 financial statements and to suggest improvements.2 Although these matters were not material in relation to the financial statements, we believe that they warrant your attention. In our calendar year 1999 audit, we identified accounting and internal control matters concerning policies and procedures over (1) losses in the securitization-related escrow account, (2) errors in the allowance calculation for FDIC receivables, and (3) weaknesses with account transaction controls within FDIC's Financial Information Management System. We have offered suggestions for resolving these problems or mitigating their effect on FDIC's operations at the end of our discussion of each of the matters 'Financial Audit: Federal Deposit Insurance Corporation's 1999 and 1998 Financial Statements (GAO/AIMD-00-157 May 26, 2000). 2These matters were not reported in our audit report on FDIC's 1999 financial statements because they do not represent significant deficiencies in the design or operation of internal control. In our financial statement audit report (GAO/AIMD-00-157), we identified a reportable internal control weakness related to information systems control. GAO/AIMD-00-271R FDIC Management Letter

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