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Financial Audit: Resolution Trust Corporation's 1994 and 1993 Financial Statements

AIMD-95-157 Published: Jun 22, 1995. Publicly Released: Jun 22, 1995.
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Highlights

Pursuant to a legislative requirement, GAO audited the Resolution Trust Corporation's (RTC) financial statements for the years ended December 31, 1994 and 1993. GAO also reviewed: (1) RTC internal control weaknesses; (2) RTC estimated recoveries from failed thrifts; (3) the estimated unused loss funds after RTC completion of all resolution activities; and (4) RTC progress in reducing risk.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Resolution Trust Corporation The Deputy and Acting Chief Executive Officer, RTC, should direct the Corporation's staff to monitor the implementation and progress of the corrective actions related to the weakness identified in general controls over some of the Corporation's computerized information systems.
Closed – Implemented
During 1996, FDIC took actions to address the weaknesses GAO identified in general controls over the former Resolution Trust Corporation's computerized information systems. Although GAO continued to note other, less significant matters involving EDP controls, GAO believes that the remaining issues are not significant enough to be considered a reportable internal control condition. FDIC's actions have improved the controls over its computerized information systems, and should reduce the risk of unauthorized access to its computerized information systems.

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Topics

Accounting proceduresAuditing standardsBank failuresCorporate auditsFinancial managementFinancial recordsFinancial statement auditsInternal controlsSavings and loan associationsLaws and regulations