Our financial controls are examined by an external auditor, and Reserve Bank operations and controls are reviewed by each Reserve Bank’s independent internal audit function and by Board staff who oversee Reserve Bank activities. We provide the public and the Congress with detailed annual reports on the consolidated financial activities of the Federal Reserve System that are audited by an independent public accounting firm.
We also publish a detailed balance sheet on a weekly basis. The Federal Reserve recognizes that the new programs we have instituted to combat the financial crisis must be accompanied by additional transparency.