Profiles of Existing Government Corporations - US Government ...

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74
CORPORATION PRDPILR
PfRARCIALAD'DIT RRQDIRDQW=: The financial transactions of FDIC
shall be audited by GAO in accordance vith the principlee and
procedures applicable to commercial corporate transactions and
under such rules and regulations as may be prescribed by the
Comptroller General of the U.S. FDIC shall be audited at 1SaSt
once in every 3 years. The Comptroller General is authorized to
employ by contract the professional se~icee of firms and
organizations of CPA%, with the concurrence of FDIC, for
temporary periods or for special purpo9ee. FDIC is required to
reimburse GAO for the cost of any such audit billed by the
Comptroller General.
FINANCIAL AUDITOR: GAO
mRxR ADDIT RRQuIRmmTs: 31 U.S.C. 701-799, known as the GAO
Act: The Comptroller General shall conduct on a semiannual basis
an audit of the net vorth certificate program of FDIC.=
GTERRAUDITOR: Certified Public Accountants
ADDITRD: GAO, CY 1987
OPINIONS Unqualified
ACCOUNTING PRINCIPLE?: Accounting records are maintained on an
accrual basis. FDIC l etablishee an estimated allovance for loss
at the time a bank fails. These allovances are revieved every 6
months and adjusted as required, based on financial developments
vhich occur during each six-month period.d
m: 53,315,817,000*
APPROF'RIATIONS -RD: None
ExPQlsRs: S3,267,292,000
NRT INcola (Loss): 549,525,OOO
GRANTS ISRDRD: Nona
IDARR1ssDRD: S5,544,790,000
IOAN PAYXRRTR RRCRIVED: $3,209,80t3,000
IDAN fro8sEs: S8,584,294,000
LOAN -TRENTs: None
IOANS ODTSTANDING: s5,771,421,ooof
IOAN UNIT: None specified in enabling legislation.
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