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Board Report: March 7, 2007
Each year, we contract for an independent public accounting firm to audit the financial statements of the Federal Financial Institutions Examination Council (FFIEC); the Board performs the accounting function for the FFIEC. KPMG LLP, our current contract auditors, planned and performed the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audit included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The audit also included an assessment of the accounting principles used and significant estimates made by management, as well as an evaluation of overall financial statement presentation.
During the reporting period, the auditors completed fieldwork related to the FFIEC audit and issued the audit report. In the auditors' opinion, the FFIEC's financial statements present fairly, in all material respects, the FFIEC's financial position as of December 31, 2006, and the results of operations and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
To determine the auditing procedures needed to express an opinion on the financial statements, the auditors considered the FFIEC's internal controls over financial reporting. Although the auditors' consideration of the internal controls would not necessarily disclose all matters that might be material weaknesses, they noted no such matters. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, the auditors also performed tests of the FFIEC's compliance with certain provisions of laws, regulations, and contracts 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 required to be reported under Government Auditing Standards.