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AIMD-98-249R 1 (1998-08-14)

handle is hein.gao/gaobacmny0001 and id is 1 raw text is: JA O United States General Accounting Office Washington, D.C. 20548 ([; Accounting and Information Management Division B-280742 August 14, 1998 The Honorable Donna A. Tanoue Chairman, Board of Directors Federal Deposit Insurance Corporation Subject: Financial Audit: Other Matters Identified During GAO's 1997 Financial Statement Audits Dear Chairman Tanoue: In June 1998, we issued our opinions on the calendar year 1997 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 the effectiveness of its internal controls as of December 31, 1997, and reported on FDIC's compliance with significant provisions of selected laws and regulations for the three funds for the year ended December 31, 1997 (GAO/AIMD-98-204, June 29, 1998). We conducted our audit 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. The purpose of this letter is to advise you of internal control and accounting policies and procedures weaknesses identified during our audits of the 1997 financial statements and to suggest improvements to address those weaknesses. Although these matters were not material in relation to the financial statements, we believe that they warrant the attention of management. We provided FDIC officials with a draft of this letter and discussed the matters addressed in the following sections with them. FDIC officials agreed with our findings and suggestions. We will follow up on these matters during our audits of the 1998 financial statements. In a separate letter, we are also communicating several additional sensitive matters concerning electronic data processing general control weaknesses. GAO/AIMD-98-249R FDIC Management Letter

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