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GAO-14-172R 1 (2013-12-11)

handle is hein.gao/gaobaahmk0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 December 11, 2013 Congressional Committees Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2013 and 2012 Financial Statements This report transmits the GAO auditor's report on the results of our audit of the fiscal years 2013 and 2012 financial statements of the Office of Financial Stability (Troubled Asset Relief Program), which is incorporated in the enclosed Office of Financial Stability (Troubled Asset Relief Program) Agency Financial Report for Fiscal Year 2013. As discussed more fully in the auditor's report that begins on page 34 of the enclosed agency financial report, we found * the Office of Financial Stability's (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; * OFS maintained, in all material respects, effective internal control over financial reporting for TARP as of September 30, 2013; and * no reportable noncompliance for fiscal year 2013 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. The Emergency Economic Stabilization Act of 2008 (EESA)1 that authorized TARP on October 3, 2008, requires that TARP, which is implemented by OFS,2 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.3 EESA further requires that GAO audit TARP's financial statements annually.4 We are also required under EESA to report at least every 60 days on the findings resulting from our oversight of the actions taken under TARP.5 This report responds to both of these requirements. We are sending copies of this report to the Secretary of the Treasury, the Assistant Secretary for Financial Stability, the Financial Stability Oversight Board, the Special Inspector General for TARP, the Director of the Office of Management and Budget, interested congressional committees and members, and other interested parties. In addition, the report is available at no charge on the GAO website at http://www.gao.gov. 1Pub. L. No. 110-343, div. A, 122 Stat 3765 (Oct. 3, 2008), classified in part, as amended, at 12 U.S.C. §§ 5201-5261. 2Section 101 of EESA, 12 U.S.C. § 5211, established OFS within the Department of the Treasury to implement TARP. 3EESA § 116(b), 12 U.S.C. § 5226(b). 4EESA § 116(b), 12 U.S.C. § 5226(b). 5EESA § 116(a)(3), 12 U.S.C. § 5226(a)(3). GAO-14-172R OFS's Fiscal Years 2013 and 2012 Financial Statements Page 1

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