The Board of Governors engaged Deloitte & Touche LLP (D&T) to audit the 2013 combined and individual financial statements of the Reserve Banks and those of the consolidated LLC entities. 1 In 2013, D&T also conducted audits of internal controls over financial reporting for each of the Reserve Banks. Fees for D&T's services totaled $7 million, of which $1 million was for the audits of the consolidated LLC entities. To ensure auditor independence, the Board requires that D&T be independent in all matters relating to the audits. Specifically, D&T may not perform services for the Reserve Banks or others that would place it in a position of auditing its own work, making management decisions on behalf of the Reserve Banks, or in any other way impairing its audit independence. In 2013, the Bank did not engage D&T for any non-audit services.
Financial Statements (PDF)
1. In addition, DT audited the Office of Employee Benefits of the Federal Reserve System, the Retirement Plan for Employees of the Federal Reserve System and the Thrift Plan for Employees of the Federal Reserve System. The System Plan and the Thrift Plan provide retirement benefits to employees of the Board, the Federal Reserve Banks and the OEB.