Title of Report [omit “Audit of”]

September 2008 Report No. AUD-08-018 FDIC’s Receivership Service Billing Process AUDIT REPORT Report No. AUD-08-018 September 2008 FDIC’s Receivership Service Billing Process Audit Results Federal Deposit Insurance Corporation The FDIC has designed and implemented controls over the receivership service Why We Did The Audit billing process to ensure that receiverships are fairly and accurately billed in accordance with applicable laws and regulations. The process for establishing the When an FDIC-insured institution fails or is FDIC’s 2008 service line rates for receivership billings was documented in rate closed by a federal or state regulatory agency, cases approved by the FDIC’s Chief Financial Officer for each service line. The the FDIC is appointed as receiver. The FDIC six rate cases we examined were accurately calculated and fully supported. billed $21 million in 2007 to 45 receiverships for work conducted on behalf of the The receivership billing process includes controls in DRR and DOF to provide receiverships by Corporation employees. reasonable assurance that receivership service billings are accurately recorded and Receivership billings reduce the cash available billed to the receiverships. For example, during the first quarter of 2008, certain for dividend payments, including those to litigation ...