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AIMD-95-137ML 1 (1995-06-05)

handle is hein.gao/gaobachrb0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-261436 June 5, 1995 The Honorable Ricki Helfer Chairman, Board of Directors Federal Deposit Insurance Corporation Dear Madam Chairman: In March 1995, we issued our opinions on the calendar year 1994 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, 1994, and reported on FDIC's compliance with significant provisions of selected laws and regulations for the three funds for the year ended December 31, 1994 (GAO/AIMD-95-102, March 31, 1995). In conducting our 1994 audit, we found that FDIC made progress in addressing some of the accounting procedure and internal control matters identified in our management letter from our 1993 audit (GAO/AIMD-94-160ML, August 29, 1994). The purpose of this letter is to report to you matters identified during our 1994 audit regarding accounting procedures and internal controls which could be improved. Some of these problems were first reported as a result of our 1993 audit. 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: (1) receipts and disbursements (enclosure I), (2) reconciliations (enclosure II), (3) loan loss reserve system (enclosure III), (4) electronic data processing (enclosure IV), (5) policies and procedures (enclosure V), and (6) other (enclosure VI). The enclosures discuss these matters and include our suggestions for improvement. Also, one additional matter concerning data processing security is being communicated to you in separate correspondence because of its sensitive nature. GAO/AIMD-95-137ML

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