About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GAO-18-166R 1 (2017-11-15)

handle is hein.gao/gaobaalhz0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 15, 2017 The Honorable Michael Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Financial Audit: Federal Housing Finance Agency's Fiscal Years 2017 and 2016 Financial Statements This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2017 and 2016 financial statements of the Federal Housing Finance Agency (FHFA), which is incorporated in the enclosed Federal Housing Finance Agency Performance and Accountability Report for Fiscal Year 2017. As discussed more fully in the auditor's report that begins on page 54 of the enclosed agency performance and accountability report, we found * the FHFA financial statements as of and for the fiscal years ended September 30, 2017, and 2016, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; * FHFA maintained, in all material respects, effective internal control over financial reporting as of September 30, 2017; and * no reportable noncompliance for fiscal year 2017 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. 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 11 Federal Home Loan Banks, and the Office of Finance.1 This act requires FHFA to annually prepare financial statements and requires GAO to audit the agency's financial statements.2 In accordance with the act, we have audited FHFA's financial statements. 1The 11 Federal Home Loan Banks and the Office of Finance, whose primary function is to issue and service all debt securities for the Federal Home Loan Banks, constitute the Federal Home Loan Bank System. 2pub. L. No. 110-289, § 1106, 122 Stat. 2654, 2671 (July 30, 2008), classified at 12 U.S.C. § 4516. GAO-1 8-166R FHFA's Fiscal Years 2017 and 2016 Financial Statements Page 1

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most