Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2013 and 2012 Financial Statements
GAO-14-172R: Published: Dec 11, 2013. Publicly Released: Dec 11, 2013.
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What GAO Found
GAO found (1) the Office of Financial Stability (OFS) financial statements for the Troubled Asset Relief Program (TARP) as of and for the fiscal years ended September 30, 2013, and 2012, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) OFS maintained, in all material respects, effective internal control over financial reporting for TARP as of September 30, 2013; and (3) no reportable noncompliance for fiscal year 2013 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. In commenting on a draft of this report, the Assistant Secretary for Financial Stability stated that OFS is proud to receive unmodified opinions on its financial statements and its internal control over financial reporting. He also stated that OFS is committed to maintaining the high standards and transparency reflected in these audit results.
Why GAO Did This Study
The Emergency Economic Stabilization Act of 2008 (EESA) that authorized the 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 that are prepared in accordance with U.S. generally accepted accounting principles. EESA further requires that GAO audit TARP's financial statements annually.
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