Examination of Fiscal Year 1981 Overseas Private Investment Corporation Financial Statements and Related Issues

Gao ID: ID-82-33 August 16, 1982

GAO examined the Overseas Private Investment Corporation's (OPIC) fiscal year (FY) 1981 financial statements.

GAO found that the statements disclosed no exception, weakness of internal control, or departure from law and regulation having a material impact on its financial position at September 30, 1981, and its operating results for the year then ended. However, the report also noted that: (1) although OPIC is experiencing significant losses on its loans, its insurance and guaranty reserves appear to be adequate to cover existing commitments; (2) OPIC did not fully disclose the effects of delinquent project financing in its statement; and (3) tighter control and monitoring of OPIC administrative expenditures are needed.

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

Director: Dennis J. Duquette Team: General Accounting Office: International Division Phone: (202) 275-9406


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