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The Board of Governors' Office of Inspector General (OIG) functions in accordance with the Inspector General Act of 1978, as amended. The OIG plans and conducts audits, attestations, inspections, evaluations, investigations, and law and regulation reviews relating to the Board's programs and operations and to those functions that the Board has delegated to the Federal Reserve Banks. In addition, it retains an independent auditor each year to audit the Board's financial statements. The OIG also makes recommendations and conducts activities to promote economy and efficiency, enhance policies and procedures, and prevent and detect waste, fraud, and abuse in Board and Board-delegated programs and operations. The OIG keeps the Congress and the Chairman of the Board of Governors fully informed about serious abuses and deficiencies and about the status of any corrective actions.
During 2007, the OIG completed twelve audits, attestations, inspections, evaluations, and other assessments and conducted a number of follow-up reviews to evaluate action taken on prior recommendations. The OIG also closed six investigations and performed numerous legislative and regulatory reviews.
| Report title | Month issued |
|---|---|
| Security Control Review of the Internet Electronic Submission System (Internal Report) | February |
| Agreed-Upon Procedures Attestation--Bank Plan Service Credit Data | February |
| Agreed-Upon Procedures Attestation--Statement of Financial Accounting Standards No. 87 | February |
| Agreed-Upon Procedures Attestation--Statement of Financial Accounting Standards No. 106 | February |
| Audit of Configuration Settings (Internal Report) | March |
| Audit of the Board's Compliance with Overtime Requirements of the Fair Labor Standards Act | March |
| Agreed-Upon Procedures Attestation--Statement of Financial Accounting Standards No. 112 | March |
| Audit of the Federal Financial Institutions Examination Council Financial Statements (Year Ended December 31, 2006) | March |
| Audit of the Board's Financial Statements (Year Ended December 31, 2006) | April |
| Audit of the Board's Information Security Program | September |
| Inspection of the Board's Protective Services Unit (Internal Report) | September |
| Inspection of Federal Reserve Examination Practices for Assessing Financial Institutions' Office of Foreign Asset Control Compliance Programs | September |