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2007 Annual Report

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IV. Financial Statements and Notes

Management Response

Appendix 1

Federal Deposit Insurance Corporation
550 17th St. NW Washington, DC, 20429                  Deputy to the Chairman & Chief Financial Officer

February 4, 2008

Mr. David M. Walker
Comptroller General of the United States
U.S. Government Accountability Office
441 G Street, NW
Washington, DC 20548

Re: FDIC Management Response on the GAO 2007 Financial Statements Audit Report

Dear Mr. Walker:

Thank you for the opportunity to comment on the U.S. Government Accountability Office's (GAO) draft audit report titled, Financial Audit: Federal Deposit Insurance Corporation Funds’ 2007 and 2006 Financial Statements, GAO-08-416. The report presents GAO's opinions on the calendar year 2007 and 2006 financial statements of the Deposit Insurance Fund (DIF) and the Federal Savings and Loan Insurance Corporation Resolution Fund (FRF). The report also presents GAO's opinion on the effectiveness of FDIC’s internal controls as of December 31, 2007, and GAO's evaluation of FDIC's compliance with selected laws and regulations.

We are pleased that FDIC received unqualified opinions on its financial statements for the sixteenth consecutive year and that there were no material weaknesses or significant deficiencies identified during the 2007 audits. The GAO reported that the funds’ financial statements were 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 there was no reportable noncompliance with laws and regulations that were tested.

We appreciate GAO’s recognition of our accomplishments during the 2007 audit year. As always, our management team is dedicated to promoting the highest standard of financial management, and we will work diligently to sustain that focus. Continued improvements in operations remain a priority for FDIC.

In addition, I want to recognize the GAO’s support throughout the audit and to acknowledge you and the GAO staff for your efforts and dedication in working with FDIC again this year to meet the accelerated reporting deadline for our audited financial statements. We look forward to continuing this productive and successful relationship in the coming year.

If you have any questions or concerns, please do not hesitate to contact me.


Steven O. App
Deputy to the Chairman and
Chief Financial Officer

Last Updated 04/25/2008

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