Management Report: Opportunities for Improvements in FDICäó»s Shared Loss Estimation Process

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By james R. Dalkin (au); Gregory C. Wilshusen (au)
Year: 2012
Pages: 19
Binding Paperback
ISBN 978-1-4578-3660-2

Product Code: 1457836602

Description

In April 2012, GAO issued their report on the results of their audits of the financial statements of the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corp. Resolution Fund (FRF) as of and for the years ending Dec. 31, 2011, and 2010, and on the effectiveness of the Federal Deposit Insurance Corp.äó»s (FDIC) internal control over financial reporting as of Dec. 31, 2011. GAO also reported their conclusions on FDIC's compliance with selected provisions of laws and regulations. As part of that audit, GAO identified a significant deficiency in FDIC's internal control over its shared loss estimation process for the DIF. This report presents additional information on the control deficiencies GAO identified during their 2011 audit that comprised the significant deficiency, along with their four related recommended corrective actions to address them. It also provides an update on GAOäó»s assessment of the status of recommendations they made to address control deficiencies identified in previous audits that were open at the beginning of GAOäó»s 2011 financial statement audits. This is a print on demand report.

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