Opportunities for Improvements in FDIC's Internal Controls and Accounting Procedures: Management Report
DIANE Publishing, Jun 1, 2011 - 32 pages
Discusses the control deficiencies that collectively represented the material weakness in the FDIC's internal control over financial reporting related to its loss-share estimation process. It also discusses other internal control issues identified during a 2009 audit. Although not all of these issues were discussed in the 2009 report on the results of their 2009 financial statement audit, they all warrant FDIC management's attention and correction. This report also provides 14 recommendations to address the internal control issues identified during the 2009 audit. The report also provides the status of recommendations from prior audits made to address previously identified internal control issues. Illus. This is a print on demand edition of an important, hard-to-find report.
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2009 financial audit 2009 financial statements Accounts Payable acquiring institution allowance for loss anticipated failures appropriate FDIC officials bank statement book values calculation cancel stale checks cash flows Cash Flows Statement control deficiencies control over financial December 31 detecting and correcting DIF’s financial statements DIF’s statement direct the appropriate documentation effectiveness of FDIC’s ensure estimated losses evaluate the effectiveness Evaluation FDIC agreed failed institution failed institution’s FDIC Comments FDIC lacked FDIC management FDIC’s internal control FDIC’s process Federal Government provide FHLB financial reporting found that FDIC increased the risk liability for anticipated LLR templates loans loss-share loss estimates loss-share worksheet loss-sharing agreements management’s material weakness methodology midpoint loss rates payment vouchers policies and procedures reasonably possible loss Receivables from Resolutions receivership disbursements receivership general ledger Recommendation We recommend reconciling items recorded result review and approval spreadsheets Standards for Internal statement of cash written policies year-end contingent liability