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Friday, April 20, 2012

GAO: DIF Financial-Reporting Controls Need Improvement

The GAO approved the FDIC's 2011 and 2010 financial statements for the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corp. Resolution Fund, but said in a report released yesterday that certain DIF-related internal controls should be improved.

During the 2011 audit, GAO identified deficiencies in controls over FDIC’s process for deriving and reporting DIF loss estimates from resolution transactions involving shared-loss agreements, the report said.
While these deficiencies ... do not constitute a material weakness in internal control over financial reporting, they nevertheless increase the risk of additional undetected errors or irregularities in the DIF’s financial statements.
Overall, the report validated the agency's reporting. "Although certain internal controls associated with the DIF's financial reporting should be improved, FDIC maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011.

Read the report.

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