Board of Governors of the Federal Reserve System Financial Statements as of and for the Years Ended December 31, 2017 and 2016, and Independent Auditors' Reports

We contracted with an independent public accounting firm to audit the financial statements of the Board as of and for the years ended December 31, 2017 and 2016, and to audit the Board's internal control over financial reporting as of December 31, 2017. We reviewed and monitored the work of the contractor to ensure compliance with applicable auditing standards and the contract.