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GAO-11-398R 1 (2011-04-29)

handle is hein.gao/gaobaanxu0001 and id is 1 raw text is: & A countability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 April 29, 2011 Mr. Edward J. DeMarco Acting Director Federal Housing Finance Agency Subject: Management Report: Opportunities for Improvement in the Federal Housing Finance Agency's Internal Controls and Accounting Procedures Dear Mr. DeMarco: In November 2010, we issued our opinion on the Federal Housing Finance Agency's (FHFA) fiscal years 2010 and 2009 financial statements. Our report also included our opinion on the effectiveness of FHFA's internal control over financial reporting as of September 30, 2010, and our evaluation of FHFA's compliance with provisions of selected laws and regulations for the fiscal year ended September 30, 2010.' The Housing and Economic Recovery Act of 2008 (HERA) created FHFA and gave it responsibility for, among other things, the supervision and oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the 12 federal home loan banks. Specifically, FHFA was assigned responsibility for ensuring that the regulated entities operate in a fiscally safe and sound manner, including maintenance of adequate capital and internal controls, in carrying out their housing and community-development finance mission. HERA requires FHFA to annually prepare financial statements, and requires GAO to audit these statements. The purpose of this report is to present additional information on the internal control and accounting procedure issues we identified during our audit of FHFA's fiscal year 2010 financial statements and to provide our recommended actions to address those issues. We are making three recommendations for strengthening FHFA's internal controls and accounting procedures. In addition, we are providing an update on the status of recommendations we made to address internal control issues identified during our audit of FHFA's fiscal year 2009 financial statements as reported in our June 3, 2010, GAO-11-398R FHFA Management Report 1GAO, Financial Audit: Federal Housing Finance Agency's Fiscal Years 2010 and 2009 Financial Statements, GAO-11-151 (Washington, D.C.: Nov. 15, 2010).

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