Friday, October 28, 2011

Federal Home Loan (FHL) Banks Audit Requirements

Part 1274 Financial Statements of the Banks
§ 1274.2 Audit requirements.
(a) Each Bank, the OF, and the FICO shall obtain annually an independent external audit of and an audit report on its individual financial statement.

(b) The OF audit committee shall obtain an audit and an audit report on the combined annual financial statements for the Bank System.

(c) All audits must be conducted in accordance with generally accepted auditing standards and in accordance with the most current government auditing standards issued by the Office of the Comptroller General of the United States.

(d) An independent, external auditor must meet at least twice each year with the audit committee of each Bank, the audit committee of OF, and the FICO Directorate.

(e) FHFA examiners shall have unrestricted access to all auditors' work papers and to the auditors to address substantive accounting issues that may arise during the course of any audit.

As of Read Date 10/28/11 Federal Bank Rules are subject to Change and Update and must be verified as relying or applying. These rules pertain specifically to Federal Home Loan Banks. is the Practice of Dean T. Carson II, CPA here to support Business, Non Profits and Individuals on Traditional and Strategic CPA Services as available under applicable Rules and also available for Decision Makers at the Board and Senior Executive Levels. We partner with a team of highly skilled professionals and meet your needs in efficient manners in a time where expenses matter and the value add on knowledge can definitely benefit Financial Decision Makers. Learn more at and /or reach us at .

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