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 the Federal Deposit
Insurance Corporation's (FDIC’s)
internal control over financial reporting and compliance
with laws and regulations for each of the funds 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.
Sincerely,
Steven O. App
Deputy to the Chairman and
Chief Financial Officer
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