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Board Report:  March 12, 2014

Board of Governors of the Federal Reserve System Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors' Reports

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We contract for an independent public accounting firm to annually perform an integrated audit of the Board's financial statements. The accounting firm performs the audit in accordance with generally accepted government auditing standards and expresses an opinion on the Board's financial statements. In addition, as part of the integrated audit, and in accordance with the auditing standards of the Public Company Accounting Oversight Board, the independent auditors perform an audit of the effectiveness of internal controls over financial reporting and express an opinion on these controls. The audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements, evaluating the appropriateness of the accounting principles used and the reasonableness of significant estimates made by management, as well as evaluating the overall financial statement presentation. The audit also involves obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control. We oversee the activities of the independent public accounting firm to ensure compliance with generally accepted government auditing standards and Public Company Accounting Oversight Board auditing standards related to internal controls over financial reporting.

In accordance with generally accepted government auditing standards, the independent auditors also will perform 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.