What GAO Found
GAO found (1) the Federal Housing Finance Agency’s (FHFA) financial statements as of and for the fiscal years ended September 30, 2014, and 2013, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) FHFA maintained, in all material respects, effective internal control over financial reporting as of September 30, 2014; and (3) no reportable noncompliance for fiscal year 2014 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. In its written comments, FHFA accepted the audit conclusions and stated that it will continue to work to enhance its internal control and ensure the reliability of its financial reporting, its soundness of operations, and public confidence in its mission.
Why GAO Did This Study
The Housing and Economic Recovery Act of 2008 established FHFA as an independent agency empowered with supervisory and regulatory oversight of the housing-related government-sponsored enterprises: the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation(Freddie Mac), the 12 Federal Home Loan Banks, and the Office of Finance. The act requires FHFA to annually prepare financial statements and requires GAO to audit the agency’s financial statements. This report responds to these requirements. GAO conducted its audits in accordance with U.S. generally accepted government auditing standards.
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