HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.
![handle is hein.gao/gaobacsfw0001 and id is 1 raw text is:
G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE
441 G St. N.W.
Washington, DC 20548
February 14, 2019
The Honorable Michael Crapo
Chairman
The Honorable Sherrod Brown
Ranking Member
Committee on Banking, Housing, and Urban Affairs
United States Senate
The Honorable Maxine Waters
Chairwoman
The Honorable Patrick T. McHenry
Ranking Member
Committee on Financial Services
House of Representatives
Financial Audit: Federal Deposit Insurance Corporation Funds' 2018 and 2017 Financial
Statements
This report transmits the GAO auditor's report on the results of our audits of the 2018 and 2017
financial statements for the two funds that the Federal Deposit Insurance Corporation (FDIC)
administers-the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance
Corporation (FSLIC) Resolution Fund (FRF). The auditor's report is incorporated in the enclosed
Federal Deposit Insurance Corporation 2018 Annual Report.
As discussed more fully in the auditor's report that begins on page 119 of the enclosed agency
annual report, we found
* the financial statements of the DIF and of the FRF as of and for the years ended
December 31, 2018, and 2017, are presented fairly, in all material respects, in accordance
with U.S. generally accepted accounting principles;
* FDIC maintained, in all material respects, effective internal control over financial reporting
relevant to the DIF and to the FRF as of December 31, 2018; and
* with respect to the DIF and to the FRF, no reportable instances of noncompliance for 2018
with provisions of applicable laws, regulations, contracts, and grant agreements we tested.
Section 17 of the Federal Deposit Insurance Act, as amended, requires GAO to annually audit
the financial statements of the DIF and of the FRF.1 In addition, the Government Corporation
Control Act requires that FDIC annually prepare and submit audited financial statements to
Congress, and provides GAO authority to perform the audit.2 This report responds to these
requirements.
'Act of September 21, 1950, Pub. L. No. 797, § 2[17], 64 Stat. 873, 890, classified as amended at 12 U.S.C. § 1827.
231 U.S.C. §§ 9101-9110.
GAO-19-295R FDIC Funds' 2018 and 2017 Financial Statements
Page 1](ViewImageLocal?handle=hein.gao/gaobacsfw0001&div=1&collection=&method=preview&ext=.png&size=3)