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AIMD-96-143R 1 (1996-09-11)

handle is hein.gao/gaobaclgs0001 and id is 1 raw text is: GAO United States (3A O General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-272986 September 11, 1996 The Honorable Ricki Heifer Chairman, Board of Directors Federal Deposit Insurance Corporation Dear Madam Chairman: In July 1996, we issued our opinions on the calendar year 1995 financial statements of the Bank Insurance Fund (BIF), Savings Association Insurance Fund (SAIF), and FSLIC Resolution Fund (FRF). We also issued our opinion on the Federal Deposit Insurance Corporation (FDIC) management's assertions regarding its system of internal controls at December 31, 1995, and reported on FDIC's compliance with significant provisions of selected laws and regulations for the three funds for the year ended December 31, 1995 (GAO/AIMD-96-89, July 15, 1996). In addition, we communicated several additional matters to you concerning data processing security in separate correspondence because of their sensitive nature (GAO/AIMD-96-137R, July 30, 1996). In conducting our 1995 audits, we found that FDIC made progress in addressing some of the accounting procedure and internal control matters identified in our management letter from our 1994 audits (GAO/AJMD-95-137ML, June 5, 1995). The purpose of this letter is to report to you matters identified during our 1995 audits regarding accounting procedures and internal controls that could be improved. These matters are not considered material in relation to the financial statements of the three funds, however, we believe they warrant management's attention. We have grouped these matters into the following broad issues: disbursements (enclosure I), electronic data processing (enclosure I), and other (enclosure III). The enclosures discuss these matters and include our suggestions for improvement. We have discussed these matters with your staff and provided a draft of this letter to your staff for comment. Your staff are in general agreement with the issues discussed in this letter. We have incorporated comments from your staff, where appropriate, particularly with respect to actions FDIC has stated it has taken, or intends to take to FDIC's 1995 Management Letter GAO/AIMD-96-143R ( 5- 7NqS-1

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