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Board Report:  March 5, 2013

Board of Governors of the Federal Reserve System Financial Statements as of and for the Years Ended December 31, 2012 and 2011, and Independent Auditors' Reports

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We contract with an independent public accounting firm to annually perform an integrated audit of the Board’s financial statements and internal controls over financial reporting. The accounting firm, currently Deloitte & Touche LLP, performs the audit to provide reasonable assurance that the financial statements are free of material misstatement and to express an opinion on the effectiveness of the Board’s internal controls over financial reporting based on the Public Company Accounting Oversight Board standards. The OIG oversees the activities of the contractor to ensure compliance with generally accepted government auditing standards and Public Company Accounting Oversight Board auditing standards related to internal controls over financial reporting. 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.

In the auditors’ opinion, the Board’s financial statements presented fairly, in all material respects, the financial position and the results of its operations and its cash flows as of December 31, 2012, and 2011, in conformity with U.S. generally accepted accounting principles. Also, in the auditor’s opinion, the Board maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on the criteria established in the Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

As part of providing reasonable assurance that the financial statements are free of material misstatement, the auditors also performed tests of the Board’s 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. The results of the auditors’ tests disclosed no instances of noncompliance that would be required to be reported under Government Auditing Standards.