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AIMD-94-181ML 1 (1994-08-30)

handle is hein.gao/gaobachqw0001 and id is 1 raw text is: G~~o United StatesIz General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-240108 August 30, 1994 Ms. Donna Cunninghame Chief Financial Officer Resolution Trust Corporation Dear Ms. Cunninghame: In June 1994, we issued our opinions on the Resolution Trust Corporation's 1993 financial statements and internal controls as of December 31, 1993, and reported on the Corporation's compliance with selected laws and regulations during 1993 (GAO/AIMD-94-148, June 27, 1994). The purpose of this letter is to report to you other matters identified during our audit regarding accounting procedures and internal controls which could be improved and to make suggestions for improvement. While the following matters are not considered material in relation to the Corporation's financial statements, we believe they warrant management's attention. CHIEF FINANCIAL OFFICER INVOLVEMENT IN THE ESTIMATED CASH RECOVERY CALCULATION The estimated cash recovery (ECR) calculation is a key factor in estimating loss funds and recoveries from the Corporation's receiverships. Although these estimates are significant to the Corporation's financial statements, which are prepared by the Chief Financial Officer (CFO), the CFO has not had direct involvement in planning or analyzing the results of the ECR calculation. The responsibility for performing the ECR calculation lies with the Office of Planning, Research, and Statistics (OPRS), which reports to the Deputy Chief Executive Officer of the Corporation. The initial confidence interval determined as part of the June 1993 ECR calculation was $3.1 billion compared to $1.8 billion at December 1992. The confidence interval represents GAO/AIMD-94-181ML

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