What GAO Found

GAO found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Office of Financial Stability (OFS) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012; and (3) no reportable noncompliance in fiscal year 2012 with provisions of laws and regulations we tested.

Why GAO Did This Study

The Emergency Economic Stabilization Act of 2008 (EESA) that authorized the Troubled Asset Relief Program (TARP) on October 3, 2008, requires that TARP, which is implemented by OFS, annually prepare and submit to Congress and the public audited fiscal year financial statements. EESA further requires that GAO audit TARP’s financial statements annually.

For more information, contact Gary T. Engel, at (202) 512-3406 or engelg@gao.gov.