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Annual Independent Audits And Reporting Requirements Us Federal Deposit Insurance Corporation Regulation Fdic 2018 Edition
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Book Synopsis Annual Independent Audits and Reporting Requirements (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law Library
Download or read book Annual Independent Audits and Reporting Requirements (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-10 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annual Independent Audits and Reporting Requirements (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Annual Independent Audits and Reporting Requirements (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The FDIC is amending part 363 of its regulations concerning annual independent audits and reporting requirements for certain insured depository institutions, which implements section 36 of the Federal Deposit Insurance Act (FDI Act), largely as proposed, but with certain modifications made in response to the comments received. The amendments are designed to further the objectives of section 36 by incorporating certain sound audit, reporting, and audit committee practices from the Sarbanes-Oxley Act of 2002 (SOX) into part 363 and they also reflect the FDIC's experience in administering part 363. The amendments will provide clearer and more complete guidance to institutions and independent public accountants concerning compliance with the requirements of section 36 and part 363. As required by section 36, the FDIC has consulted with the other Federal banking agencies. The FDIC is also making a technical amendment to its rules and procedures (part 308, subpart U) for the removal, suspension, or debarment of accountants and accounting firms. This book contains: - The complete text of the Annual Independent Audits and Reporting Requirements (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Book Synopsis Annual Stress Test (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law Library
Download or read book Annual Stress Test (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-10 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annual Stress Test (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Annual Stress Test (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The Federal Deposit Insurance Corporation (the "Corporation" or "FDIC") is issuing a final rule that implements the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") regarding stress tests ("final rule"). The Dodd-Frank Act requires the Corporation to issue regulations that require FDIC-insured state nonmember banks and FDIC-insured state-chartered savings associations with total consolidated assets of more than $10 billion to conduct annual stress tests, report the results of such stress tests to the Corporation and the Board of Governors of the Federal Reserve System ("Board"), and publish a summary of the results of the stress tests. The final rule requires large covered banks to conduct annual stress tests beginning on the effective date of this final rule. The Corporation, however, will delay implementation of the annual stress test requirements under the final rule for institutions with total consolidated assets of more than $10 billion but less than $50 billion until September 30, 2013. The final rule requirement for public disclosure of a summary of the stress testing results for these institutions will be implemented starting with the 2014 stress test, with the disclosure occurring during the period starting June 15 and ending June 30 of 2015. This book contains: - The complete text of the Annual Stress Test (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Book Synopsis The Federal Deposit Insurance Corporation's Financial Disclosure Regulations Should be Improved by : United States. General Accounting Office
Download or read book The Federal Deposit Insurance Corporation's Financial Disclosure Regulations Should be Improved written by United States. General Accounting Office and published by . This book was released on 1977 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :The Law The Law Library Publisher :Createspace Independent Publishing Platform ISBN 13 :9781727542080 Total Pages :112 pages Book Rating :4.5/5 (42 download)
Book Synopsis Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law The Law Library
Download or read book Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-22 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The OCC, Board, FDIC, OTS, NCUA, and FTC (Agencies) are publishing these final rules to implement the accuracy and integrity and direct dispute provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) that amended section 623 of the Fair Credit Reporting Act (FCRA). The final rules implement the requirement that the Agencies issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies (CRAs) and prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines. These final rules also implement the requirement that the Agencies issue regulations identifying the circumstances under which a furnisher must reinvestigate disputes about the accuracy of information contained in a consumer report based on a direct request from a consumer. This book contains: - The complete text of the Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Author :The Law The Law Library Publisher :Createspace Independent Publishing Platform ISBN 13 :9781727544718 Total Pages :66 pages Book Rating :4.5/5 (447 download)
Book Synopsis Recordkeeping for Timely Deposit Insurance Determination (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law The Law Library
Download or read book Recordkeeping for Timely Deposit Insurance Determination (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-22 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recordkeeping for Timely Deposit Insurance Determination (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Recordkeeping for Timely Deposit Insurance Determination (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The FDIC is adopting a final rule to facilitate prompt payment of FDIC-insured deposits when large insured depository institutions fail. The final rule requires each insured depository institution that has two million or more deposit accounts to (1) configure its information technology system to be capable of calculating the insured and uninsured amount in each deposit account by ownership right and capacity, which would be used by the FDIC to make deposit insurance determinations in the event of the institution's failure, and (2) maintain complete and accurate information needed by the FDIC to determine deposit insurance coverage with respect to each deposit account, except as otherwise provided. This book contains: - The complete text of the Recordkeeping for Timely Deposit Insurance Determination (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781977959058 Total Pages :50 pages Book Rating :4.9/5 (59 download)
Book Synopsis Financial Audit by : United States Government Accountability Office
Download or read book Financial Audit written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-10-07 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Created in 1933 to insure bank deposits and promote sound banking practices, FDIC plays an important role in maintaining public confidence in the nation's financial system. FDIC administers the DIF, which protects bank and savings deposits, and the FRF, which was created to close out the business of the former Federal Savings and Loan Insurance Corporation (FSLIC). GAO annually audits the financial statements of the DIF and of the FRF pursuant to Section 17 of the Federal Deposit Insurance Act, as amended, and the Government Corporation Control Act. GAO is responsible for obtaining reasonable assurance about whether (1) FDIC's financial statements for the DIF and for the FRF are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) FDIC maintained effective internal control over financial reporting; and (3) there are any reportable instances of FDIC noncompliance with tested provisions of applicable laws, regulations, contracts, and grant agreements.
Author :The Law The Law Library Publisher :Createspace Independent Publishing Platform ISBN 13 :9781727517590 Total Pages :54 pages Book Rating :4.5/5 (175 download)
Book Synopsis Large-Bank Deposit Insurance Determination Modernization (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law The Law Library
Download or read book Large-Bank Deposit Insurance Determination Modernization (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large-Bank Deposit Insurance Determination Modernization (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Large-Bank Deposit Insurance Determination Modernization (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The FDIC is adopting a final rule requiring the largest insured depository institutions to adopt mechanisms that would, in the event of the institution's failure: provide the FDIC with standard deposit account and other customer information; and allow the placement and release of holds on liability accounts, including deposits. The final rule applies only to insured depository institutions having at least $2 billion in domestic deposits and either: more than 250,000 deposit accounts (currently estimated to be 152 institutions); or total assets over $20 billion, regardless of the number of deposit accounts (currently estimated to be 7 institutions). This book contains: - The complete text of the Large-Bank Deposit Insurance Determination Modernization (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Author :The Law The Law Library Publisher :Createspace Independent Publishing Platform ISBN 13 :9781727546637 Total Pages :42 pages Book Rating :4.5/5 (466 download)
Book Synopsis Resolution Plans Required (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law The Law Library
Download or read book Resolution Plans Required (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-22 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Resolution Plans Required (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Resolution Plans Required (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The Board and the Corporation (together the "Agencies") are adopting this final rule to implement the requirement in a section of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") regarding resolution plans. The Dodd-Frank Act section requires each nonbank financial company designated by the Financial Stability Oversight Council (the "Council") for enhanced supervision by the Board and each bank holding company with assets of $50 billion or more to report periodically to the Board, the Corporation, and the Council the plan of such company for rapid and orderly resolution in the event of material financial distress or failure. This book contains: - The complete text of the Resolution Plans Required (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Author :The Law The Law Library Publisher :Createspace Independent Publishing Platform ISBN 13 :9781727701555 Total Pages :36 pages Book Rating :4.7/5 (15 download)
Book Synopsis Treatment by the Federal Deposit Insurance Corporation as Conservator Or Receiver of Financial Assets, Etc. (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law The Law Library
Download or read book Treatment by the Federal Deposit Insurance Corporation as Conservator Or Receiver of Financial Assets, Etc. (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-10 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets, etc. (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets, etc. (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The Federal Deposit Insurance Corporation ("FDIC") has adopted an amended regulation regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation (the "Rule"). The Rule continues the safe harbor for financial assets transferred in connection with securitizations and participations in which the financial assets were transferred in compliance with the existing regulation. The Rule also imposes further conditions for a safe harbor for securitizations or participations issued after a transition period. On March 11, 2010, the FDIC established a transition period through September 30, 2010. In order to provide for a transition to the new conditions for the safe harbor, the Rule provides for an extended transition period through December 31, 2010 for securitizations and participations. The Rule defines the conditions for safe harbor protection for securitizations and participations for which transfers of financial assets are made after the transition period; and clarifies the application of the safe harbor to transactions that comply with the new accounting standards for off balance sheet treatment as well as those that do not comply with those accounting standards. The conditions contained in the Rule will serve to protect the Deposit Insurance Fund ("DIF") and the FDIC's interests as deposit insurer and receiver by aligning the conditions for the safe harbor with better and more sustainable securitization practices by insured depository institutions ("IDIs"). This book contains: - The complete text of the Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets, etc. (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Author :The Law The Law Library Publisher :Createspace Independent Publishing Platform ISBN 13 :9781727542127 Total Pages :32 pages Book Rating :4.5/5 (421 download)
Book Synopsis Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law The Law Library
Download or read book Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-22 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The FDIC is adopting a final rule establishing the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. Except as noted, the FDIC practices defined in the final rule represent a continuation of long-standing FDIC procedures in processing such balances at a failed depository institution. The final rule also imposes certain disclosure requirements in connection with sweep accounts. The final rule replaces the FDIC's interim rule on this subject and applies to all insured depository institutions. This book contains: - The complete text of the Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Download or read book FDIC Quarterly written by and published by . This book was released on 2009 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 2016 Annual Report Fdic Federal Deposit Insurance Corporation by : Government Accountability Office
Download or read book 2016 Annual Report Fdic Federal Deposit Insurance Corporation written by Government Accountability Office and published by . This book was released on 2017-08-25 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: In accordance with: the provisions of Section 17(a) of the Federal Deposit Insurance Act, the Chief Financial Officers Act of 1990, Public Law 101-576, the Government Performance and Results Act of 1993 (as amended) and the GPRAModernization Act of 2010,the provisions of Section 5 (as amended) of the Inspector General Act of 1978,the Reports Consolidation Act of 2000, andthe provisions of the Fraud Reduction and Data Analytics Act of 2015,the Federal Deposit Insurance Corporation (FDIC) is pleased to submit its 2016 Annual Report (also referredto as the Performance and Accountability Report), which includes the audited financial statements of the DepositInsurance Fund and the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund.In accordance with the Reports Consolidation Act of 2000, the FDIC assessed the reliability of the performancedata contained in this report. No material inadequacies were found, and the data are considered to be completeand reliable.Based on internal management evaluations, and in conjunction with the results of independent financial statementaudits, the FDIC can provide reasonable assurance that the objectives of Section 2 (internal controls) and Section4 (financial management systems) of the Federal Managers' Financial Integrity Act of 1982 have been achieved,and that the FDIC has no material weaknesses. However, the U.S. Government Accountability Office did identifyinformation technology issues that aggregate to a significant deficiency. The FDIC has efforts underway to addressthis deficiency. We are committed to maintaining effective internal controls corporate-wide in 2017.
Author :The Law The Law Library Publisher :Createspace Independent Publishing Platform ISBN 13 :9781727300963 Total Pages :28 pages Book Rating :4.3/5 (9 download)
Book Synopsis Deposit Insurance Regulations - Temporary Increase in Standard Coverage Amount - Mortgage Servicing Accounts - Revocable Trust Accounts (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law The Law Library
Download or read book Deposit Insurance Regulations - Temporary Increase in Standard Coverage Amount - Mortgage Servicing Accounts - Revocable Trust Accounts (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-12 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deposit Insurance Regulations - Temporary Increase in Standard Coverage Amount - Mortgage Servicing Accounts - Revocable Trust Accounts (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Deposit Insurance Regulations - Temporary Increase in Standard Coverage Amount - Mortgage Servicing Accounts - Revocable Trust Accounts (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The FDIC is adopting a final rule amending its deposit insurance regulations to: Reflect Congress's extension, until December 31, 2013, of the temporary increase in the standard maximum deposit insurance amount ("SMDIA") from $100,000 to $250,000; finalize the interim rule, with minor modifications, on revocable trust accounts; and finalize the interim rule on mortgage servicing accounts. The FDIC is also adopting technical, conforming amendments to its international banking regulations to substitute several existing references to "$100,000" with references to the SMDIA. This book contains: - The complete text of the Deposit Insurance Regulations - Temporary Increase in Standard Coverage Amount - Mortgage Servicing Accounts - Revocable Trust Accounts (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781977940568 Total Pages :52 pages Book Rating :4.9/5 (45 download)
Book Synopsis Financial Audit by : United States Government Accountability Office
Download or read book Financial Audit written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-10-05 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Created in 1933 to insure bank deposits and promote sound banking practices, FDIC plays an important role in maintaining public confidence in the nation's financial system. FDIC administers the DIF, which protects bank and savings deposits, and the FRF, which was created to close out the business of the former Federal Savings and Loan Insurance Corporation (FSLIC). GAO annually audits the financial statements of the DIF and of the FRF pursuant to Section 17 of the Federal Deposit Insurance Act, as amended, and the Government Corporation Control Act. GAO is responsible for obtaining reasonable assurance about whether (1) FDIC's financial statements for the DIF and for the FRF are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) FDIC maintained effective internal control over financial reporting; and (3) there are any reportable instances of FDIC noncompliance with tested provisions of applicable laws, regulations, contracts, and grant agreements.
Book Synopsis Financial Audit by : Steven J. Sebastian
Download or read book Financial Audit written by Steven J. Sebastian and published by DIANE Publishing. This book was released on 2010 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The auditor is required to annually audit the financial statements of the Deposit Insurance Fund (DIF) and FSLIC Resolution Fund (FRF), which are administered by the Fed. Deposit Insurance Corp. (FDIC). Created in 1933 to insure bank deposits and promote sound banking practices, FDIC plays an important role in maintaining public confidence in the nation's financial system. In the auditors opinion, FDIC fairly presented, in all material respects, the 2008 and 2007 financial statements for the two funds it administers -- DIF and FRF. Also, FDIC had effective internal control over financial reporting and compliance with laws and regulations. Charts and tables.
Book Synopsis Assessments (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) by : The Law Library
Download or read book Assessments (Us Federal Deposit Insurance Corporation Regulation) (Fdic) (2018 Edition) written by The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-09-11 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessments (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) The Law Library presents the complete text of the Assessments (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition). Updated as of May 29, 2018 The FDIC is amending our regulation to alter the way in which it differentiates for risk in the risk-based assessment system; revise deposit insurance assessment rates, including base assessment rates; and make technical and other changes to the rules governing the risk-based assessment system. This book contains: - The complete text of the Assessments (US Federal Deposit Insurance Corporation Regulation) (FDIC) (2018 Edition) - A table of contents with the page number of each section
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781977544896 Total Pages :50 pages Book Rating :4.5/5 (448 download)
Book Synopsis Financial Audit by : United States Government Accountability Office
Download or read book Financial Audit written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-22 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Created in 1933 to insure bank deposits and promote sound banking practices, FDIC plays an important role in maintaining public confidence in the nation's financial system. FDIC administers the DIF, which protects bank and savings association deposits, and the FRF, which was created to close out the business of the former FSLIC. GAO annually audits the financial statements of the DIF and of the FRF pursuant to Section 17 of the Federal Deposit Insurance Act, as amended, and the Government Corporation Control Act. GAO is responsible for obtaining reasonable assurance about whether (1) FDIC's financial statements for the DIF and for the FRF are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles, and (2) FDIC maintained effective internal control over financial reporting relevant to the DIF and to the FRF. GAO also tests the DIF's and the FRF's compliance with selected provisions of applicable laws, regulations, contracts, and grant agreements.
