V. Management Control
Management Report on Final Actions
As required under amended Section 5 of the Inspector
General
Act of 1978, the FDIC must report information on final action taken by
management on certain audit reports. The tables on the following pages
provide information on final action taken by management on audit
reports for the federal fiscal year period October 1, 2009, through
September 30, 2010.
TABLE 1: Management Report on Final Action on Audits with Disallowed Costs for Fiscal Year 2010
| Audit Reports |
Number of Reports |
Disallowed Costs |
| Dollars in Thousands |
| A. |
Management decisions – Final action not taken at beginning of period |
0 |
$0 |
| B. |
Management decisions made during the period |
4 |
$34,037 |
| C. |
Total reports pending Final action during the period (A and B) |
4 |
$34,037 |
| D. |
Final action taken during the period: |
| 1. Recoveries: |
|
|
| (a) Collections & offsets |
2 |
$8,127 |
| (b) Other |
0 |
$0 |
| 2. Write-offs |
2 |
$837 |
| 3. Total of 1(a), 1(b), & 2 |
21 |
$8,964 |
| E. |
Audit reports needing final action at the end of the period |
2 |
$25,1482
|
1 Two reports have both collections and write-offs, thus the total of 1(a), 1(b), and 2 is two.
2 Amount collected in D3 included excess recoveries of $75,000, not reflected in line E.
TABLE 2: Management Report on Final Action on Audits with Recommendations to Put Funds to Better Use for Fiscal Year 2010
| Audit Reports |
Number of Reports |
Disallowed Costs |
| Dollars in Thousands |
| A. |
Management decisions – Final action not taken at beginning of period |
0 |
$0 |
| B. |
Management decisions made during the period |
2 |
$410 |
| C. |
Total reports pending Final action during the period (A and B) |
2 |
$410 |
| D. |
Final action taken during the period: |
| 1. Value of recommendations implemented (completed) |
1 |
$151 |
| 2. Value of receommendations that management concluded should not or could not be implemented or completed |
2 |
$259 |
| 3. Total of 1(a), 1(b), & 2 |
23 |
$410 |
| E. |
Audit reports needing final action at the end of the period |
0 |
$0 |
3 One report had both implemented and unimplemented values.
TABLE 3: Audit Reports without Final Actions But with Management Decisions over One Year Old for Fiscal Year 2010
Management Action in Process
| Report No. and Issue Date |
OIG Audit Finding |
Management Action |
Disallowed Costs |
| AUD-10-002 12/11/09 |
The OIG recommended that the FDIC should review and revise (where appropriate) its risk assessment methodology, to ensure adequate consideration of the risks associated with electronic transactions involving the Internet. |
The FDIC will formally document and further integrate its existing e-authentication risk assessments into the overall risk assessment methodology. Also, the FDIC will reassess the e-authentication risk assessment process for FDICconnect.Completed: February 2011 |
$0 |
|
