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Financial Audit: FSLIC Resolution Fund's 1991 and 1990 Financial Statements

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Report Type Reports and Testimonies
Report Date June 30, 1992
Report No. AFMD-92-75
Subject
Summary:

GAO's audit of the 1991 and 1990 financial statements of the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund reveals that the fund's statement of financial position and its statement of cash flows are presented fairly. GAO gives the fund an unqualified opinion on its 1991 statement of financial position because over the last three years the Federal Deposit Insurance Corporation (FDIC), the fund's administrator, has gained additional experience and significantly improved its estimating of the fund's future assistance payments. The fund's exposure to material losses arising from mistaken estimates of assistance payments or asset recoveries has significantly declined, although uncertainties about the economy and assistance agreement cost-saving efforts could still affect the accuracy of those estimates. GAO's discussion of the fund's internal control structure highlights a material weakness concerning major data integrity problems in FDIC's asset management information system.

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