Office of Inspector General Activities

The Board's Office of Inspector General (OIG) functions in accordance with the Inspector General Act of 1978, as amended. In addition to retaining an independent auditor each year to audit the Board's financial statements, the OIG plans and conducts audits, inspections, evaluations, and investigations of the Board's programs and operations and its delegated functions at the Federal Reserve Banks. The OIG also reviews existing and proposed legislation and regulations for economy and efficiency. It recommends policies, and conducts and supervises activities, that promote economy and efficiency and prevent and detect waste, fraud, and abuse in Board and Board-delegated programs and operations, and in activities administered or financed by the Board. The OIG keeps the Congress and the Chairman of the Board fully informed about serious abuses and deficiencies and about the status of any corrective actions.

During 2005, the OIG completed eleven audits, reviews, and other assessments and conducted a number of follow-up reviews to evaluate action taken on earlier recommendations. Some of these projects resulted in multiple reports. The OIG also closed seven investigations and performed numerous legislative and regulatory reviews.

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