A lot of people believe the Fed isn’t audited. I would agree. However, technically they’re “audited” each year – 2020 was just completed.
https://oig.federalreserve.gov/reports/board-financial-statement-audit-mar2021.htm
I’ve yet to go over it but I’m sure there will be nothing worth while in here. Every year it’s roughly the exact same – a few paragraphs and notes along with an independent auditor (usually KPMG) note stating they didn’t find any material misstatements.
For those unaware, the Fed has different accounting standards and they’re created by the Board. So essentially KPMG is ensuring the Fed followed their own standards and didn’t make any obvious reporting errors.
In my opinion, the OIG has little credibility since the IG is appointed by the Fed.
submitted by /u/9Basel9
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