2015 Annual Report
Management’s Response to the Auditor’s Report
February 4, 2016
Mr. James Dalkin
Director, Financial Management and Assurance
U.S. Government Accountability Office
441 G Street, NW
Washington, DC 20548
Re: FDIC Management Response on the GAO 2015 Financial Statements Audit Report
Dear Mr. Dalkin:
Thank you for the opportunity to review and comment on the U.S. Government Accountability Office’s (GAO’s) draft report titled, Financial Audit: Federal Deposit Insurance Corporation Funds’ 2015 and 2014 Financial Statements, GA0-16-300. We are pleased that the Federal Deposit Insurance Corporation (FDIC) has received unmodified (unqualified) opinions for the twenty-fourth consecutive year on the financial statements ofits funds: the Deposit Insurance Fund (DIF) and the FSLIC Resolution Fund (FRF). Also, GAO reported that the FDIC had effective internal control over financial reporting, and that there was no reportable noncompliance with provisions of applicable laws, regulations, contracts, and grant agreements that were tested.
During the audit year, the FDIC management and staff worked to improve the internal control environment and will continue to focus on this area in the coming audit year. FDIC recognizes the important role a strong internal control program plays in an agency achieving its mission. Our dedication to sound financial management has been and will remain our top priority.
In complying with audit standards that require management to provide a written assertion about the effectiveness ofits internal control over financial reporting, the FDIC has prepared Management’s Report on Internal Control Over Financial Reporting. The report acknowledges management’s responsibility for establishing and maintaining internal control over financial reporting and provides the FDIC’s conclusion regarding the effectiveness of its internal control.
We want to thank the GAO staff for their professionalism and dedication during the audit and look forward to another productive and successful relationship during the 2016 audit. Ifyou have any questions or concerns, please do not hesitate to contact me.
Steven O. App
Deputy to the Chairman and Chief Financial Officer