Tags: Money | Federal Reserve | audits

Who Audits the Federal Reserve and How Often?

By    |   Saturday, 20 June 2015 10:53 PM

Financial statements from Federal Reserve Banks receive a yearly audit from an independent auditor, according to FederalReserve.gov.

Such audits of all Fed banks, consolidated LLCs as well as the Fed's Board of Governors, receive several levels of scrutiny. External auditors must be independent on all matters related to such Federal Reserve audits, the government's website notes.

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The annual audits are required under the Federal Banking Agency Audit Act, which became law in 1978, according to FederalReserveEducation.org. That act requires the U.S. Comptroller General's office to audit not only the Federal Reserve System but also the Government Accountability Offices.

The website notes that the Federal Reserve Board's Office of Inspector General must audit all board programs and functions that are delegated to its banks. Annual audits are available and downloadable in the Federal Reserve Board's annual report.

Recently, Republican presidential candidate Rand Paul, a U.S. senator from Kentucky, has called for a bill, the Federal Reserve Transparency Act, that provides oversight of federal audits. Similar legislation was also introduced in the House by U.S. Rep. Massie Thomas of Kentucky, according to Congress.gov.

Federal Reserve Chairwoman Janet Yellen has pushed back on the need for Congressional oversight, noting that the Fed is already audited each year, the New York Post reported. She said such an audit would only serve to politicize monetary policy.

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Financial statements from Federal Reserve Banks receive a yearly audit from an independent auditor, according to FederalReserve.gov. Such audits of all Fed banks, consolidated LLCs as well as the Fed's Board of Governors, receive several levels of scrutiny.
Federal Reserve, audits
252
2015-53-20
Saturday, 20 June 2015 10:53 PM
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