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GAO-23-105570 1 (2023-02-16)

handle is hein.gao/gaoogs0001 and id is 1 raw text is: G A i U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 February 16, 2023 The Honorable Sherrod Brown Chair The Honorable Tim Scott Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Patrick T. McHenry Chair The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Financial Audit: Federal Deposit Insurance Corporation Funds' 2022 and 2021 Financial Statements This report transmits the GAO auditor's report on the results of our audits of the 2022 and 2021 financial statements of 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 2022 Annual Report. As discussed more fully in the auditor's report that begins on page 142 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, 2022, and 2021, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; although internal controls could be improved, FDIC maintained, in all material respects, effective internal control over financial reporting relevant to the DIF and to the FRF as of December 31, 2022; and with respect to the DIF and to the FRF, no reportable instances of noncompliance for 2022 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. During our audit, we continued to identify deficiencies in FDIC's controls over contract documentation and payment review processes. These deficiencies collectively represent a significant deficiency in FDIC's internal control over financial reporting that merits attention by GAO-23-105570 FDIC Funds' 2022 and 2021 Financial Statements Page 1

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