Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2012 and 2011 Financial Statements
GAO-13-126R, Nov 9, 2012
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What GAO Found
GAO found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Office of Financial Stability (OFS) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012; and (3) no reportable noncompliance in fiscal year 2012 with provisions of laws and regulations GAO tested.
Why GAO Did This Study
The Emergency Economic Stabilization Act of 2008 (EESA) that authorized the Troubled Asset Relief Program (TARP) on October 3, 2008, requires that TARP, which is implemented by OFS, annually prepare and submit to Congress and the public audited fiscal year financial statements. EESA further requires that GAO audit TARPs financial statements annually.
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