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![handle is hein.gao/gaobaaxky0001 and id is 1 raw text is:
DCCU3hNT RIMUE
06244 - [D1606649]
fAudit cf the Federal Deposit Insurance Corporation for the Year
Ended December 31, .977]. FOD-78-3; B-114831. June 8, 1978. 2
pp. + 5 enclosures (11 pp.).
Report to Georqe . Le aistre, Chairman, Board of Directcrs,
Federal Deposit Insurance Corpe; by DEbert 1. Keller, Acting
Comptroller General.
issue area: Accomnting and Financial &eporting: OjPretion,
Financial aositicn, and Changes (2802).
Contact: Field Opezations Div.
Budqet Function: isceilaneoes: Automatic Data Processing
(00 s.
ConqressionJ Relevance: NoQse Committee on Banking, Curreacy
and HousiLq; Senate Commttee on aankirg, Rousing mad Urban
Affairs.
Authority: Fedez,'l Deposit Insurance Act (12 U.S.C. 1827).
The financial statements of the Federal DeFpsit
Insurance Corporation were audited fer the eaer *&o December
31. 1977, includinq an ezamination of statements of income aLd
the deposit insurance fund, changes in financial position, nd
an analysis of the deposit insurance funi. The examination was
made in accordance with generally accepted auditing standards
and included such tests of the accounting records and otbir
auditiiq procedurea as were considered necess zy.
Findinqs/Conclusions: The financial statements present fairly
the financial position of the CorForaticn at December 31, 1977
and 1976, and results of operations and changes in financial
position for the yearE then ended in ccnfcrity with the
principles and standards of accounting prescrit-d ty the
Comptrofler General. The deposit insurance fund of S8 billion at
December 31, 1977, represents net income accumulated since the
fund's beginninq in 1933 and is availatle to meet future lcsaes.
The fund is financially sound and adeqcate to meet Fotent.al
losses that miqht result from problem conditions existing in
specific insured banks at the end of 1977. (RES)](ViewImageLocal?handle=hein.gao/gaobaaxky0001&div=1&collection=&method=preview&ext=.png&size=3)