Examination of Financial Statements of the Federal Home Loan Bank Board for the Year Ended December 31, 1966

Our audit of the Federal Home Loan Bank Board for the year ended December 31, 1966, consisted principally of (1) a review of the basic laws authorizing the Board's activities and the rules and regulations of the Board, to ascertain the extent of its authority and responsibilities, (2) a review of the examination and audit programs of the Board's Office of Examinations and Supervision and Office of Audits, to determine the adequacy of the prescribed procedures, (3) a review, to the extent deemed appropriate, of reports on examinations and audits, and (4) a review of the Board's financial statements in accordance with generally accepted auditing standards, including an examination of selected financial transactions and such tests of the accounting records as we considered necessary in the circumstances.