Federal Financial Institutions Examination Council Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors' Reports

The Board performs the accounting function for the FFIEC, and we contract for an independent public accounting firm to annually audit the FFIEC's financial statements. The accounting firm performs the audit in accordance with generally accepted government auditing standards and expresses an opinion on the FFIEC's financial statements. The audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The audit also includes an evaluation of the appropriateness of accounting principles used and significant accounting estimates made by management, as well as an evaluation of the overall financial statement presentation. We oversee the activities of the independent public accounting firm to ensure compliance with generally accepted government auditing standards.

In accordance with generally accepted government auditing standards, the independent auditors also will consider the FFIEC's internal controls over financial reporting and will perform tests of the FFIEC'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.