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![handle is hein.gao/gaobadxsv0001 and id is 1 raw text is:
DOCUMENT RESUME
00319 - -A0891521]
[H.R. 2176, a Bill to Amend the Accounting and Auditing Act of
1950 to Provide for the Audit of the Federal Reserve Board and
Banks, the Federal Deposit Insurance Corporation, and the Office
of the Comptroller of the Currency]. March 2, 1977. 15 pp. + 1
enclosure.
Testimony before the House Committee on Government operations:
Commerce, Consumer and Monetary Affairs Subcommittee; by E. H.
Morse, Jr., Assistant Comptroller General.
Issue Area: Accounting and Financial Reportinq (2800).
Contact: Office of the Comptroller General.
Budget Function: miscellaneous: Financial Management and
Information Systems (1002).
Organization Concerned: Federal Deposit Ibsurance Corp.; Federal
Reserve System; Office of the Comptroller of the Currency.
Congressional Relevance: House Committae on Government
Operations: Commerce# Consumer and Monetary Affairs
Subcommittee.
Authority: H.R. 2176 (95th Cong.); Accounting and Auditing Act
of 1950. Banking Act of 1933. Congressional Budget and
Impoundment Control Act of 1974. Federal Deposit Insurance
Act of 1950. General Accounting Office Act of 1974. 12
U.S.C. 1828c. 12 U.S.C. 1841-50. 12 U.S.C. 601-31. 15 U.S.C.
1601. 18 U.S.C. 1906.
H.R. 2:76 provides for GAO auditing of the three
independent banking institutions; an act long advocated by GAO.
Because of objections raiseS by the institutions concerning the
possibility of such an audit hampering their independence, GAO
has 3uggested several restrictions on its authority. It will not
object to being restricted from making recommendations on the
economic effects of open market and discount operations, or from
auditing foreign central banks. GAO also suggests that langauge
be included in the bill to exclude it from the congressional
prerogative of discisoure of borrowers' names. H.R. 2176 would
provide for the much needed authority to have access to FDIC's
bank examination records, previously unattainable. The bill is
well written in regard to the mechanics of the audit operations,
which are left to GAO's discretion. The rules set down in
Accounting and Auditing Act of 1950 would be followed. The .hree
institutions do perform some auditing activities on their own,
but no complete audit is done. GAO's audit includes (1)
examination of f .nancial transactions, accounts, and reports,
including an evaluatior of compliance with applicable laws and
regulations; (2) review of efficiency and economy in the use of
resources; and (3) review to determine whether desired results
are effectively achieved. No additional authority is needed for
GAO to hire personnel to complete the audit functions. (SS)](ViewImageLocal?handle=hein.gao/gaobadxsv0001&div=1&collection=&method=preview&ext=.png&size=3)