Financial Audit: Federal Deposit Insurance Corporation Funds' 2001 and 2000 Financial Statements
Abstract
This report presents our opinions on whether the financial statements of the Bank Insurance Fund (BIF), the Savings Association Insurance Fund, and the FSLIC Resolution Fund (FRF) are presented fairly for the years ended December 31, 2001 and 2000. These financial statements are the responsibility of the Federal Deposit Insurance Corporation (FDIC), the administrator of the three funds. This report also presents (1) our opinion on the effectiveness of FDIC's internal control as of December 31, 2001, (2) our evaluation of FDIC's compliance with laws and regulations during 2001, and (3) a reportable weakness in information system controls detected during our 2001 audits. In addition, it discusses BIF's reserve ratio and the future activities of FRF. We conducted our audits pursuant to the provisions of section 17(d) of the Federal Deposit Insurance Act, as amended (12 U.S.C. 1827(d)), and in accordance with U.S. generally accepted government auditing standards.
Document Details
- Document Type
- Technical Report
- Publication Date
- May 01, 2002
- Accession Number
- ADA401914
Entities
Organizations
- United States Government Accountability Office