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GAO-11-687R 1 (2011-08-05)

handle is hein.gao/gaobaanzo0001 and id is 1 raw text is: GAO Acona ity * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 August 5, 2011 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 Internal Controls and Accounting Procedures Dear Mr. App: In March 2011, we issued our report on the results of our audit 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, 2010, and 2009, and on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting as of December 31, 2010. We also reported our conclusions on FDIC's compliance with selected provisions of laws and regulations.1 The purpose of this report is to present information on certain internal control and accounting procedure issues we identified during our 2010 audit and to provide our recommended actions to address these issues. We are making six recommendations for strengthening FDIC's internal controls and accounting procedures. In addition, we are providing an update on the status of recommendations we made to address internal control issues identified in previous audits (enc. I). Results in Brief During our audit of the DIF's and the FRF's 2010 and 2009 financial statements, we identified several internal control issues that, while not rising to the level of a 1GAO, Financial Audit: Federal Deposit Insurance Corporation Funds' 2010 and 2009 Financial Statements, GAO-11-412 (Washington, D.C.: Mar. 18, 2011). GAO-i 1-687R FDIC Management Report 2010

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