The Federal Reserve Board on Friday released annual audited financial statements for the Federal Reserve System for 2024. An independent accounting firm issued unqualified opinions, asserting that its audit found no material misstatements in accordance with applicable auditing standards.
The Board released audited individual and combined statements for the 12 Federal Reserve Banks, the Board, and one limited liability company (LLC), relating to the Board's response to the COVID-19 pandemic. The audited financial statements provide information about assets, liabilities, and operations as of December 31, 2024.
The Federal Reserve Act requires the Board to order an annual independent audit of the financial statements of each Reserve Bank and the Board. The Board engaged KPMG LLP, a public accounting firm, to audit the financial statements of the Federal Reserve System in accordance with applicable standards. The firm also conducted audits of internal controls over financial reporting for the 12 individual Reserve Banks and the Board.
In addition to annual audited financial statements, the Board also publishes a weekly comprehensive balance sheet and quarterly financial reports.
