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GAO-04-677R 1 (2004-06-16)

handle is hein.gao/gaocrptaqez0001 and id is 1 raw text is: SGAO Accountability * Integrity Reliability United States General Accounting Office Washington, DC 20548 June 16, 2004 Mr. Steven 0. App Deputy to the Chairman and Chief Financial Officer Federal Deposit Insurance Corporation Subject: Management Report: Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures Dear Mr. App: In February 2004, we issued our opinions on the calendar year 2003 financial statements of the Bank Insurance Fund (BIF), the Savings Association Insurance Fund (SAIF), and the FSLIC Resolution Fund (FRF). We also issued our opinion on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal controls as of December 31, 2003, and our evaluation of FDIC's compliance with significant provisions of selected laws and regulations for the three funds for the year ended December 31, 2003.' The purpose of this report is to discuss issues identified during our audits of the 2003 financial statements regarding accounting procedures and internal controls that could be improved and to recommend improvements to address these issues. Although these issues were not material in relation to the financial statements, we believe they warrant management's attention. We are making five recommendations for strengthening FDIC's accounting procedures and internal controls. We conducted our audits in accordance with U.S. generally accepted government auditing standards Results in Brief During 2003, we identified several internal control issues that affected FDIC's accounting for the funds it administers. These weaknesses would have resulted in reporting errors had they not been detected and corrected. Specifically, we found the following: 'U.S. General Accounting Office, Financial Audit: Federal Deposit Insurance Corporation Funds' 2003 and 2002 Financial Statements, GAO-04-429 (Washington, D.C.: Feb. 13, 2004). GAO-04-677R FDIC 2003 Management Report

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