Financial Audit: Federal Deposit Insurance Corporation Funds' 2024 and 2023 Financial Statements
Fast Facts
The Federal Deposit Insurance Corporation insures over $10 trillion in deposits and protects your money if your FDIC-insured bank fails.
We audit and issue opinions annually on financial statements of FDIC's insurance funds and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded).
We found the statements were reliable and controls over financial reporting were effective in 2024.
Highlights
What GAO Found
GAO found (1) the financial statements of the Deposit Insurance Fund (DIF) and of the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF) as of and for the years ended December 31, 2024, and 2023, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) the Federal Deposit Insurance Corporation (FDIC) maintained, in all material respects, effective internal control over financial reporting relevant to the DIF and to the FRF as of December 31, 2024; and (3) with respect to the DIF and to the FRF, no reportable instances of noncompliance for 2024 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested.
In commenting on a draft of this report, FDIC stated that it was pleased to receive unmodified opinions for the 33rd consecutive year on the DIF's and the FRF's financial statements. FDIC also noted that GAO reported that FDIC maintained effective internal control over financial reporting and that there was no reportable noncompliance with tested provisions of applicable laws, regulations, contracts, and grant agreements. FDIC stated that it worked to improve the internal control environment during the year and will focus on improving monitoring controls in the coming year. FDIC reiterated its commitment to sound financial management.
Why GAO Did This Study
Section 17 of the Federal Deposit Insurance Act, as amended, requires GAO to audit the financial statements of the DIF and of the FRF annually. In addition, the Government Corporation Control Act requires that FDIC annually prepare and submit audited financial statements to Congress and authorizes GAO to audit the statements. This report responds to these requirements.
For more information, contact M. Hannah Padilla at (202) 512-5683 or padillah@gao.gov.