The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) issued our audit of the FDIC’s Compliance under the Digital Accountability and Transparency Act of 2014 (DATA Act). The DATA Act expanded the reporting requirements of the Federal Funding Accountability and Transparency Act of 2006. Consistent with the DATA Act, the objectives of our audit were to assess the (1) completeness, accuracy, timeliness, and quality of the financial and award data submitted for the first quarter of Fiscal Year 2021 and published on USASpending.gov and (2) FDIC’s implementation and use of the Government-wide financial data standards established by the Office of Management and Budget (OMB) and the Department of the Treasury (Treasury).
We found that the FDIC’s financial and award data submitted for the first quarter of Fiscal Year 2021 was timely, of higher quality, and accurate, but was not complete. We also found that the FDIC recorded the required transactions and events for the Deposit Insurance Fund (DIF) during the proper period. However, the FDIC’s submission that contains appropriation summary-level data excluded two Treasury Account Symbols (TAS) from which funds were obligated. As a result, obligation and outlay amounts for the two TASs were not available for display on USASpending.gov.
We further found that the FDIC had established controls to promote complete, accurate, timely, and quality reporting of the DIF data under the DATA Act. The FDIC will need to revise its procedures and processes in order to reflect the requirement to report on all TASs.
We made three recommendations for the FDIC to improve its processes and procedures for accurately recording its financial data.