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Annual Report Highlights
2005 Annual Report Highlights
III. Financial Statements - GAO's Condensed Audit Opinion
To the Board of Directors
discuss the enactment, on February 8, 2006, of the Federal Deposit Insurance Reform Act
of 2005, which calls for the merger of BIF and SAIF into a single Deposit Insurance Fund.
In our opinion, the information set forth in the accompanying condensed financial statements
is presented fairly, in all material respects, in relation to the financial statements from which
it has been derived.
As discussed in our January 31, 2006 report, we identified a reportable condition in FDIC's
information system controls which, while not considered a material weakness, does represent
a significant deficiency in the design or operation of internal control that could adversely affect
FDIC's ability to meet its internal control objectives. Specifically, we identified information
system control weaknesses that increased the risk of unauthorized modification and disclosure
of critical FDIC financial and sensitive personnel information, disruption of critical operations,
and loss of assets. These weaknesses affected FDIC's ability to ensure that users only had the
access needed to perform their assigned duties and that its systems were sufficiently protected
from unauthorized users.
We performed our work in accordance with U.S. generally accepted government auditing
David M. Walker
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