Accession Number PB2012-113978
Title Management Report: Opportunities for Improvments in FDIC's Shared Loss Estimation Process.
Publication Date Jul 2012
Media Count 19p
Personal Author N/A
Abstract During our audit of the DIF's 2011 and 2010 financial statements, we identified deficiencies in controls over FDIC's process for deriving and reporting estimates of losses to the DIF from resolution transactions involving shared loss agreements. While these deficiencies, individually and collectively, did not constitute a material weakness in internal control over financial reporting, they nevertheless increased the risk of additional undetected errors or irregularities in the DIF's financial statements. Thus, these control deficiencies collectively represented a significant deficiency in FDIC's internal control over financial reporting for the DIF related to estimating losses from shared loss agreements.
Keywords Audits
Banks
Deficiencies
Federal Deposit Insurance Corporation (FDIC)
Financial reporting
Financial statements
Improvement
Internal control
Losses
Regulations
Risk
Transactions
Weaknesses


 
Source Agency General Accounting Office
NTIS Subject Category 96F - Banking & Finance
70F - Public Administration & Government
70B - Management Practice
Corporate Author Government Accountability Office, Washington, DC.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1225
Contract Number N/A

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