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Federal Deposit
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Each depositor insured to at least $250,000 per insured bank

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2004 Annual Report

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II. Financial Statements - GAO’s Audit Opinion

GAO logo. Accountability * Integrity * Reliability

Comptroller General
of the United States

United States Government Accountability Office
Washington, D.C. 20548

To the Board of Directors
The Federal Deposit Insurance Corporation

We audited the Federal Deposit Insurance Corporation’s (FDIC) balance sheets as of December 31, 2004 and 2003, for the three funds administered by FDIC (the Bank Insurance Fund, the Savings Association Insurance Fund, and the FSLIC Resolution Fund), the related statements of income and fund balance (accumulated deficit), and the statements of cash flows for the years then ended, and in our report dated January 31, 2005, we expressed an unqualified opinion on those statements.

In that report, we stated that we found the following:

  • the financial statements of each fund are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles;
  • FDIC had effective internal control over financial reporting and compliance with laws and regulations for each fund; and
  • no reportable noncompliance with laws and regulations we tested.
In our opinion, the information set forth in the accompanying condensed financial statements is presented fairly, in all material respects, in relation to the financial statements from which it has been derived.

We performed our work in accordance with U.S. generally accepted auditing standards.

David M. Walker

David M. Walker
Comptroller General
of the United States

January 31, 2005

Last Updated 06/10/2005

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