ABSTRACT

Financial Audit: Federal Deposit Insurance Corporation Funds' 2020 and 2019 Financial Statements   [open pdf - 8MB]

From the Director's Letter: "This report transmits the GAO [Government Accountability Office] auditor's report on the results of our audits of the 2020 and 2019 financial statements of the two funds that the Federal Deposit Insurance Corporation (FDIC) administers--the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF). The auditor's report is incorporated in the enclosed Federal Deposit Insurance Corporation 2020 Annual Report. As discussed more fully in the auditor's report that begins on page 117 of the enclosed agency annual report, we found [1] the financial statements of the DIF and of the FRF as of and for the years ended December 31, 2020, and 2019, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; [2] although internal controls could be improved, FDIC maintained, in all material respects, effective internal control over financial reporting relevant to the DIF and to the FRF as of December 31, 2020; and [3] with respect to the DIF and to the FRF, no reportable instances of noncompliance for 2020 with provisions of applicable laws, regulations, contracts, and grant agreements we tested."

Report Number:
GAO-21-284R
Publisher:
Date:
2021-02-18
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: https://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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