TITLE 12 - BANKS AND BANKING

CHAPTER IX - FEDERAL HOUSING FINANCE BOARD

SUBCHAPTER K - OFFICE OF FINANCE

PART 989 - FINANCIAL STATEMENTS OF THE BANKS

989.2 - Audit requirements.

  (a) Each Bank, the OF and the Financing Corporation shall obtain annually an independent, external audit of and an audit report on its individual financial statement.

  (b) The OF board of directors 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 OF board of directors, and the Financing Corporation Directorate.

  (e) Finance Board 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.

[65 FR 36303, June 7, 2000]