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AIMD-94-160ML 1 (1994-08-29)

handle is hein.gao/gaobachqy0001 and id is 1 raw text is: Iy2Vqj GAOUnited States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-253861 August 29, 1994 The Honorable Andrew C. Hove, Jr. Acting Chairman, Board of Directors Federal Deposit Insurance Corporation Dear Mr. Chairman: In June 1994, we issued our opinions on the calendar year 1993 financial statements of the Bank Insurance Fund (BIF), Savings Association Insurance Fund (SAIF), and FSLIC Resolution Fund (FRF) and our opinion on the Federal Deposit Insurance Corporation's (FDIC) system of internal controls as of December 31, 1993, and reported on FDIC's compliance with applicable laws and regulations for the three funds for the year ended December 31, 1993 (GAO/AIMD-94-135, June 24, 1994). In conducting our 1993 audits, we found that FDIC made progress in addressing the accounting procedure and internal control matters identified in our management letter from our 1992 audits (GAO/AIMD- 94-30ML, January 24, 1994). The purpose of this letter is to report to you other matters identified during our 1993 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 four areas: (1) corporate operations (enclosure I), (2) consolidated office operations (enclosure II), (3) serviced asset pool operations (enclosure III), and (4) electronic data processing (enclosure IV). The enclosures discuss these matters and include our suggestions for improvement. Also, one additional matter concerning electronic data processing security controls is being communicated to you in a separate correspondence. 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-94-160ML

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