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Accession Number
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PB2012-113978
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Title
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Management Report: Opportunities for Improvments in FDIC's Shared Loss Estimation Process.
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Publication Date
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Jul 2012
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Media Count
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19p
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Personal Author
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N/A
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Abstract
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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.
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Keywords
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Audits
Banks
Deficiencies
Federal Deposit Insurance Corporation (FDIC)
Financial reporting
Financial statements
Improvement
Internal control
Losses
Regulations
Risk
Transactions
Weaknesses
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Source Agency
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General Accounting Office
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NTIS Subject Category
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96F - Banking & Finance
70F - Public Administration & Government
70B - Management Practice
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Corporate Author
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Government Accountability Office, Washington, DC.
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Document Type
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Technical report
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Title Note
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N/A
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NTIS Issue Number
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1225
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Contract Number
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N/A
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