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AIMD-94-30ML 1 (1994-01-24)

handle is hein.gao/gaobachqo0001 and id is 1 raw text is: hirt United States General Accounting Office WasMngton, D.C. 20548 Accounting and Information Management Division B-253861 January 24, 1994 The Honorable Andrew C. Hove, Jr. Acting Chairman, Board of Directors Federal Deposit Insurance Corporation Dear Mr. Chairman: In June 1993, we issued our opinions on the calendar year 1992 financial statements of the Bank Insurance Fund (BIF), FSLIC Resolution Fund (FRF), and Savings Association Insurance Fund (SAIF) and our opinion on the Federal Deposit Insurance Corporation's (FDIC) system of internal controls as of December 31, 1992, and have reported on FDIC's compliance with applicable laws and regulations for the three funds for the year ended December 31, 1992 (GAO/AIMD-93-5, June 30, 1993). We will also issue shortly a separate report describing material weaknesses and other reportable conditions in FDIC's system of internal controls identified during the course of our audits (GAO/AIMD-94-35). The purpose of this letter is to report to you other matters identified during our audits regarding accounting procedures and internal controls which could be improved and to make suggestions for improvement. While these matters are not considered material in relation to the financial statements of the three funds, we believe they warrant management's attention. We have broken these matters down into three areas: (1) corporate operations (enclosure I), (2) consolidated office operations (enclosure II), and (3) serviced asset pool operations (enclosure III). The enclosures discuss these matters and include our suggestions for improvement. 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. GAO/AIMD-94-30ML

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