12 CFR Part 1274 — Financial Statements of the Banks

PART 1274—FINANCIAL STATEMENTS OF THE BANKS Authority: 12 U.S.C. 1426, 1431, 4511(b), 4513, 4526(a). Source: 75 FR 23166, May 3, 2010, unless otherwise noted. § 1274.1 Definitions. For purposes of this part: Audit Audit report [75 FR 23166, May 3, 2010, as amended at 78 FR 2328, Jan. 11, 2013; 81 FR 76300, Nov. 2, 2016] § 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. § 1274.3 Requirements to provide financial and other information to FHFA and the OF. In order to facilitate the preparation by the OF of combined Bank System annual and quarterly reports, each Bank shall provide to the OF in such form and within such timeframes as FHFA or the OF shall specify, all financial and other information and assistance that the OF shall request for that purpose. Nothing in this section shall contravene or be deemed to circumscribe in any manner the authority of FHFA to obtain any information from any Bank related to the preparation or review of any financial report.

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