Financial Audit: Federal Deposit Insurance Corporation's 1995 and 1994 Financial Statements
DIANE Publishing, 1996 - 79 pages
Presents opinions on the financial statements of the Bank Insurance Fund, the Savings Association Insurance Fund, and the Federal Savings and Loan Insurance Corp. Resolution Fund for the years ended 12/31/95 and 94. Presents an opinion on FDIC management's assertions regarding the effectiveness of its system of internal controls as of 12/31/95 and (2) an evaluation of FDIC's compliance with laws and regulations during 1995. Also discusses FDIC's progress in correcting internal control weaknesses and presents recommendations for further improvement.
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accepted accounting principles accompanying notes accounts payable Accumulated Deficit administration allocated Allowance for Losses anticipated failure assessment rate asset recovery estimates asset valuation assistance agreements audits bank resolutions basis BIF-member capital Cash and Cash Cash Equivalents Cash Flows Cash Provided corporate owned assets cost coverage December 15 Deposit Insurance Corporation discount Dollars in Thousands eligible Ended December 31 escrow Estimated Liabilities estimating recoveries exit fees failed bank failed institution assets fair market value FDIC management FDIC's Federal Deposit Insurance financial statements FIRREA Fund Balance Income increase insured deposits insured institutions internal control weaknesses invested in U.S. investment in corporate liquidation Litigation losses Loan million Operating Activities payable payments percent Postretirement Benefit putback receivables from thrift receivership reserve ratio Resolution Trust Corporation retirees SAIF assessments SAIF members Savings Association Insurance Senior Auditor Thousands December 31 three funds thrift resolutions Thrift Savings Plan Total U.S. Treasury obligations unamortized Value Market
Page 1 - on Banking, Housing and Urban Affairs and the House Committee on Banking and Financial Services; the Secretary of the Treasury; the Director of the Office of Management and Budget; and other interested parties. This report was prepared under the direction of Robert W. Gramling, Director, Corporate Audits and Standards. Other major contributors to this report are
Page 1 - of the Federal Deposit Insurance Corporation; the Chairman of the Board of Governors of the Federal Reserve System; the Comptroller of the Currency; the Acting Director of the Office of Thrift Supervision; the Chairmen and Ranking Minority Members of the Senate Committee on Banking, Housing
Page 12 - to future periods is subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with controls may deteriorate. We conducted our audits
Page 8 - as of December 31, 1995 and 1994, and the results of its operations and its cash flows for the years then ended. However, misstatements may nevertheless occur in other
Page 8 - as of December 31,1995 and 1994, and the results of its operations and its cash flows for the years then ended. However, misstatements may nevertheless occur in other
Page 45 - all thrifts previously insured by the FSLIC for which a conservator or receiver was appointed during the period January 1, 1989. through August 8, 1992. The Resolution Trust Corporation Refinancing, Restructuring and Improvement Act of 1991 (1991 RTC Act) extended the RTC's general resolution responsibility through September 30, 1993, and beyond
Page 28 - banks and 2) finance the resolution of failed banks, including managing and liquidating their assets. In addition, the FDIC. acting on behalf of the BIF, examines state-chartered banks that are not members of the Federal Reserve System and provides and monitors assistance to troubled
Page 11 - Compliance With Laws and Regulations Objectives, Scope, and Methodology Our tests for compliance with selected provisions of laws and regulations disclosed no instances of noncompliance that would be reportable under generally accepted government auditing standards. However, the objective of our audits was not to provide an opinion on overall compliance with laws and regulations. Accordingly, we do not express such an opinion.
Page 8 - Resolution Fund In our opinion, the financial statements and accompanying notes present fairly, in all material respects, in conformity with generally accepted accounting principles, the Bank Insurance Fund's financial position as of December 31,