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Office of Inspector General Activities

The Board of Governors' Office of Inspector General (OIG) functions in accordance with the Inspector General Act of 1978, as amended. In addition to retaining an independent auditor each year to audit the Board's financial statements, the OIG plans and conducts audits, reviews, and investigations relating to the Board's programs and operations and its delegated functions at the Federal Reserve Banks. The OIG also reviews existing and proposed legislation and regulations for their impact on the economy and efficiency of the Board's programs and operations. It recommends policies, and it supervises and conducts activities to promote economy and efficiency and to prevent and detect waste, fraud, and abuse in Board and Board-delegated programs and operations, as well as in activities administered or financed by the Board. The OIG keeps the Congress and the Chairman of the Board of Governors fully informed about serious abuses and deficiencies and about the status of any corrective actions.

During 2006, the OIG completed eight audits, reviews, and other assessments and conducted a number of follow-up reviews to evaluate action taken on earlier recommendations. The OIG also closed eight investigations and performed numerous legislative and regulatory reviews.

OIG Audits, Reviews, and Assessments Completed during 2006
Report title Month issued
External Quality Control Review of the National Science Foundation Inspector General Audit Organization February
Audit of the FFIEC's Financial Statements (Year Ended December 31, 2005) March
Inspection of the Board's Security Services Unit March
Audit of the Board's Implementation of Electronic Authentication Requirements March
Audit of the Board's Financial Statements (Year Ended December 31, 2005) May
Audit of the Board's Information Security Program September
Security Control Review of the Common Document and Text Repository System (Internal Report) October
Audit of the Board's Payroll Process December

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