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FDIC Financial Statements OK, but Weaknesses Found in IS

WASHINGTON-According to a recent General Accounting Office report, the Federal Deposit Insurance Corporation's financial statements are "fairly presented" for the Bank and Savings Association Insurance Funds and the Federal Savings and Loan Insurance Corp. Resolution Fund. GAO did not find any serious violations of law or regulation, but did express...

By Sarah Snell Cooke | Updated on April 15, 2003

WASHINGTON-According to a recent General Accounting Office report, the Federal Deposit Insurance Corporation’s financial statements are “fairly presented” for the Bank and Savings Association Insurance Funds and the Federal Savings and Loan Insurance Corp. Resolution Fund. GAO did not find any serious violations of law or regulation, but did express concern over weaknesses in control over information systems. “Newly identified and continuing weaknesses impaired FDIC’s ability to ensure the reliability, confidentiality, and availability of financial data,” the report read. “For example, information system controls did not adequately.ensure that users had only the access needed to perform their assigned duties, that FDIC’s network was secure from unauthorized access, or that unusual or suspicious access would be identified.” Due to the “sensitive nature” of the weaknesses in the information systems’ controls, GAO kept the details and recommended solutions in a separate report to FDIC management. As of September 30, 2002, FDIC insured deposits totaling over $3.3 trillion, according to GAO. [email protected]

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