Accounting for Standard Asset Management and Disposition
(Audit Report No. 98-013, February 04, 1998)
The Office of Inspector General (OIG) has completed an audit of the accounting for Standard Asset Management and Disposition Agreement (SAMDA) contractors' operating and receipt accounts. The objectives of the audit were to determine whether FDIC personnel (1) effectively closed operating and receipt accounts from expired SAMDA contracts and (2) properly recorded and authorized operating and receipt account transactions.
Generally, FDIC effectively closed SAMDA operating and receipt accounts. However, in closing the accounts, FDIC personnel made $726.7 million in accounting adjustments to subsidiary ledger cash accounts without adequate supporting documentation or proper authorization. After OIG brought this problem to the attention of management, the Deputy Director, Field Financial Operations Branch, concurred, in writing, with the accounting adjustments and FDIC's Chief Financial Officer noted the action taken.
Because management took corrective action, the report did not include any formal recommendations.
On January 22, 1998, the Deputy Director, Division of Finance, Dallas Field Finance Center, provided a written response to a draft of this report. The Deputy Director noted no exceptions to the report's findings and conclusions.
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