Federal Deposit Insurance Corporation Funds' 2017 and 2016 Financial Statements
GAO-18-293R: Published: Feb 15, 2018. Publicly Released: Feb 15, 2018.
What GAO Found
GAO found (1) the financial statements of the Deposit Insurance Fund (DIF) and of the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF) as of and for the years ended December 31, 2017, and 2016, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) the Federal Deposit Insurance Corporation (FDIC) maintained, in all material respects, effective internal control over financial reporting relevant to the DIF and to the FRF as of December 31, 2017; and (3) with respect to the DIF and to the FRF, no reportable instances of noncompliance for 2017 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. FDIC made progress during 2017 in addressing a significant deficiency that GAO reported in its 2016 audit. Specifically, FDIC sufficiently addressed the deficiencies in information systems access and configuration management controls such that GAO no longer considers the remaining control deficiencies in this area, individually or collectively, to represent a significant deficiency as of December 31, 2017.
In commenting on a draft of this report, FDIC stated that it was pleased to receive unmodified opinions on the DIF's and the FRF's financial statements, and noted that GAO reported that FDIC had effective internal control over financial reporting and that there was no reportable noncompliance with tested provisions of applicable laws, regulations, contracts, and grant agreements. Further, FDIC stated that it remains committed to ensuring sound financial management remains a top priority.
Why GAO Did This Study
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. 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. This report responds to these requirements.
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