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Board Report:  February 28, 2013

Federal Financial Institutions Examination Council Financial Statements as of and for the Years Ended December 31, 2012 and 2011, and Independent Auditors' Report

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The Board performs the accounting function for the FFIEC, and we contract with an independent public accounting firm to annually audit the councilís financial statements. The accounting firm, currently Deloitte & Touche LLP, performs the audits to provide reasonable assurance that the financial statements are free of material misstatement. The OIG oversees the activities of the contractor to ensure compliance with generally accepted government auditing standards. The audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as an evaluation of the overall financial statement presentation.

To determine the auditing procedures necessary to express an opinion on the financial statements, the auditors considered the FFIECís internal controls over financial reporting. As part of providing reasonable assurance that the financial statements are free of material misstatement, the auditors also performed tests of the FFIECís compliance with certain provisions of laws and regulations, since noncompliance with these provisions could have a direct and material effect on the determination of the financial statement amounts.

In the auditorsí opinion, the FFIECís financial statements presented fairly, in all material respects, the financial position, results of operations, and cash flows as of December 31, 2012, and 2011, in conformity with accounting principles generally accepted in the United States. To determine the auditing procedures necessary to express an opinion on the financial statements, the auditors reviewed the FFIECís internal control over financial reporting. The auditors noted no matters involving internal control over financial reporting that were considered material weaknesses in accordance with Government Auditing Standards.

As part of providing reasonable assurance that the financial statements are free of material misstatement, the auditors also performed tests of the FFIECís compliance with certain laws and regulations, since noncompliance with these provisions could have a direct and material effect on the determination of the financial statement amounts. The results of the auditorsí tests disclosed no instances of noncompliance that would be required to be reported under Government Auditing Standards.

 

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