The Federal Reserve Board has released its annual audited financial statements for the year 2024. An independent accounting firm provided unqualified opinions, indicating no material misstatements were found during the audit conducted in line with applicable auditing standards.
The release includes audited individual and combined statements for the 12 Federal Reserve Banks, the Board itself, and one limited liability company related to the Board’s COVID-19 pandemic response. These documents detail assets, liabilities, and operations as of December 31, 2024.
According to the Federal Reserve Act, an annual independent audit of each Reserve Bank and the Board’s financial statements is mandatory. The Board enlisted KPMG LLP, a public accounting firm, to perform these audits according to relevant standards. KPMG also assessed internal controls over financial reporting for both the 12 individual Reserve Banks and the Board.
Besides these annual audited financial statements, the Board also issues a weekly comprehensive balance sheet and quarterly financial reports.
