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Board Report:  March 23, 2009

Federal Financial Institutions Examination Council Financial Statements and Independent Auditors' Report, December 31, 2008 and 2007


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Each year, the OIG contracts for an independent public accounting firm to audit the financial statements of the Board and the Federal Financial Institutions Examination Council (FFIEC); the Board provides the accounting function for the FFIEC. Deloitte & Touche LLP, our current contracted auditors, planned and performed the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audits included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The audits also included 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 present fairly, in all material respects, the financial position, results of operations, and cash flows of each entity as of December 31, 2008, in conformity with accounting principles generally accepted in the United States. The audits included consideration of internal control over financial reporting, for the purpose of determining audit procedures for expressing an opinion on the financial statements and not to provide assurance on the internal control over financial reporting, and thus would not necessarily disclose all matters that might be material weaknesses. The auditors noted no matters involving internal control over financial reporting that they considered material weaknesses.

As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, the auditors also performed tests of the Board's and FFIEC's compliance with certain laws, regulations, contracts, and grants, 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.