**GAO-08-863R**                      Published: Jul 11, 2008. Publicly Released: Jul 11, 2008.                  

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## Highlights

In February 2008, we issued our opinions on the calendar year 2007 financial statements of the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). We also issued our opinion on the effectiveness of the Federal Deposit Insurance Corporation's (FDIC) internal control over financial reporting (including safeguarding assets) and compliance as of December 31, 2007, and our evaluation of FDIC's compliance with provisions of selected laws and regulations for the two funds for the year ended December 31, 2007. The purpose of this report is to present issues identified during our audits of the 2007 financial statements regarding certain internal controls and accounting procedures and to recommend actions to address these issues. Although these issues were not material in relation to the financial statements, we believe that they warrant management's attention. We are making five recommendations for strengthening FDIC's internal controls and accounting procedures. We conducted our audits in accordance with U.S. generally accepted government auditing standards.

## Recommendations

## Recommendations for Executive Action

See All 5 Recommendations

## Full Report

Full Report (11 pages)

Accessible Text 

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## Topics

Financial Markets and Institutions

AccountingAccounting proceduresBanking regulationFederal regulationsFinancial institutionsFinancial managementFinancial recordsFinancial statement auditsFinancial statementsInternal auditsInternal controlsPolicy evaluationStandardsStandards evaluationPolicies and procedures