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AIMD-95-212R 1 (1995-07-25)

handle is hein.gao/gaobackwp0001 and id is 1 raw text is: E 1AO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division 41111 1 B-261933 July 25, 1995 Mr. John E. Ryan Deputy and Acting Chief Executive Officer Resolution Trust Corporation Dear Mr. Ryan: On June 22, 1995, we issued our opinions on the Resolution Trust Corporation's 1994 financial statements and management's assertions regarding the effectiveness of its. system of internal controls as of December 31, 1994. We also reported on the Corporation's compliance with selected laws and regulations during 1994 (GAO/AIMD-95-157, June 22, 1995). The purpose of this letter is to advise you of certain matters identified during our audit and to suggest related improvements to strengthen the Corporation's internal control environment. These matters include the need to improve the accuracy of servicer asset information in the Controls Total Module (CTM), complete the reconciliation and settlement of National Sales transactions, perform appropriate account reconciliations, and ensure that environmental costs are adequately considered in the asset valuation process. Although these matters are not material in relation to the financial statements, they warrant the attention of management. In addition, this letter provides further information related to weaknesses in the Corporation's general electronic data processing (EDP) controls which were discussed in our June 1995 report. In that report, we discussed the general nature of the EDP weaknesses and recommended that the Corporation's staff monitor the implementation and progress of proposed corrective actions. Because the RTC Information Resources Management function merged with the Federal Deposit Insurance Corporation's (FDIC) Division of Information Resources Management on June 25, 1995, we are providing additional information on the EDP weaknesses to enhance RTC's efforts to monitor the implementation and progress of the corrective actions. AIMD-95-212R 1994 RTC Management Letter o lq IV/ 194 7qq

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