AUDIT OF RTC MORTGAGE TRUST 1995-SN1

September 12, 2000Audit Report No. 00-039Audit of the Dallas Field OperationsBranch’s Subsidiary Inventory Federal Deposit Insurance Corporation1910 Pacific Avenue, Suite 600 Office of Audits Dallas, Texas 75201 Office of Inspector GeneralDATE: September 12, 2000MEMORANDUM TO: A. J. FeltonDeputy DirectorDallas Field Operations BranchDivision of Resolutions and ReceivershipsFROM Shirley C. WardRegional DirectorSUBJECT: Audit of the Dallas Field Operations Branch's SubsidiaryInventory (Audit Report No. 00-039)This report presents the results of the Office of Inspector General's (OIG) audit of the Division ofResolutions and Receiverships' (DRR) Dallas Field Operations Branch's (FOB) subsidiary1inventory. The audit addressed whether the Dallas FOB accounted for all subsidiaries owned byfailed institutions in its geographic area of responsibility.We performed the audit as a follow-up to our report entitled Audit of the Northeast ServiceCenter's Subsidiaries Inventory (Audit Report No. 00-003, dated March 13, 2000) in which wefound that the Northeast Service Center did not have a complete inventory of its subsidiaries.Because the Dallas FOB received and began managing the Northeast Service Center's subsidiaryworkload as of May 25, 2000, we initiated this audit to determine whether similar problemsexisted in Dallas.An inventory system of record should include all items that it is designed to track. A completeinventory of subsidiaries helps ensure ...