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Board Report: February 28, 2008
Each year, we contract for an independent public accounting firm to audit the financial statements of the Board and the Federal Financial Institutions Examination Council (FFIEC); the Board provides the accounting function for the FFIEC. Deloitte & Touche LLP, our current contracted auditors, planned and performed the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audits included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The audits also included an assessment of the accounting principles used and significant estimates made by management, as well as an evaluation of overall financial statement presentation.
In the auditors' opinions, the Board's and the FFIEC's financial statements present fairly, in all material respects, the financial position of each as of December 31, 2007, and the results of operations and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. To determine the auditing procedures needed to express an opinion on the financial statements, the auditors considered the Board's and the FFIEC's internal controls over financial reporting. Although the auditors' consideration of the internal controls would not necessarily disclose all matters that might be material weaknesses, no material weaknesses were noted. However, the auditors cited a matter involving internal controls over financial reporting that they considered to be a significant deficiency for the Board and the FFIEC. The matter related to logical access controls within the Board's general computer control environment.
As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, the auditors also performed tests of the Board's and FFIEC's compliance with certain provisions of laws, regulations, and contracts since noncompliance with these provisions could have a direct and material effect on the determination of the financial statement amounts. The results of the auditors' tests disclosed no instances of noncompliance that would be required to be reported under Government Auditing Standards.