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Board Report: March 5, 2012
The OIG contracts with an independent public accounting firm to annually audit the financial statements of the Board and the FFIEC. (The Board performs the accounting function for the FFIEC.) The accounting firm, currently Deloitte & Touche LLP, performs the audits to obtain 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 and Public Company Accounting Oversight Board auditing standards related to internal controls over financial reporting. The audits include examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The audits also include an assessment of the accounting principles used and significant estimates made by management, as well as an evaluation of the overall financial statement presentation.
In the auditors' opinion, the Board's and the FFIEC's financial statements presented fairly, in all material respects, the financial position, results of operations, and cash flows of each entity as of December 31, 2011 and 2010, 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 Board's and the FFIEC's internal control over financial reporting. For the third year, the auditors also expressed an opinion on the effectiveness of the Board's internal control over financial reporting based on the Public Company Accounting Oversight Board standards. In the auditors' opinion, the Board maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011. With regard to the FFIEC's 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 obtaining reasonable assurance that the financial statements are free of material misstatement, the auditors also performed tests of the Board's and the FFIEC's 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 auditors' tests disclosed no instances of noncompliance that would be required to be reported under Government Auditing Standards.