The Government Accountability Office (GAO) this week released completed audit reports for the financial statements of the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF) for the years ending Dec. 31, 2017, and 2016, saying the statements conform with generally accepted accounting principles and that the Federal Deposit Insurance Corp. (FDIC) itself maintained effective internal control over related financial reporting last year.
The GAO said there were no reportable instances of noncompliance for 2017 “with provisions of applicable laws, regulations, contracts, and grant agreements tested.
Additionally, the GAO said the FDIC made progress last year in addressing a significant deficiency that GAO reported in its 2016 audit. “Specifically, FDIC sufficiently addressed the deficiencies in information systems access and configuration management controls such that GAO no longer considers the remaining control deficiencies in this area, individually or collectively, to represent a significant deficiency as of December 31, 2017,” the GAO said in reporting its findings.
The GAO conducted the audit under Section 17 of the Federal Deposit Insurance Act. In addition, the Government Corporation Control Act requires that FDIC annually prepare and submit audited financial statements to Congress and authorizes the GAO to perform the audit.