annual report logo

Office of Inspector General Activities

The Board of Governors' Office of Inspector General (OIG) operates in accordance with the Inspector General Act of 1978, as amended. The OIG plans and conducts audits, attestations, inspections, evaluations, investigations, and law and regulation reviews relating to the Board's programs and operations, and to those functions that the Board has delegated to the Federal Reserve Banks. In addition, it retains an independent auditor each year to audit the Board's financial statements. The OIG makes recommendations and conducts activities to promote economy and efficiency, enhance policies and procedures, and prevent and detect waste, fraud, and abuse in Board and Board-delegated programs and operations. The OIG also keeps the Congress and the Chairman of the Board of Governors fully informed about serious abuses and deficiencies.

During 2008, the OIG completed 15 audits, attestations, inspections, evaluations, and other assessments, and conducted a number of follow-up reviews to evaluate action taken on prior recommendations. It also issued a Compendium of Open Recommendations, the Strategic Plan 2008-2011, and two semiannual reports to Congress. In addition, the OIG closed nine investigations and performed numerous legislative and regulatory reviews.

Visit the OIG website for more information.

OIG Audits, Attestations, Inspections, and Evaluations Completed during 2008
Report Title Month Issued
Security Control Review of the Federal Reserve Integrated Records Management Architecture (Internal Report) January
Security Control Review of the EGov Systems (Internal Report) January
Audit of the Federal Financial Institutions Examination Council's Financial Statements for the Year Ended December 31, 2007 February
Audit of the Board's Financial Statements for the Year Ended December 31, 2007 March
Inspection of Controls for Safeguarding Confidential and Personally Identifiable Information Collected during Bank Examinations (Internal Report) March
Review of Selected Common Information Security Controls (Internal Report) March
Control Review of the Reserve Bank Operating Assessment Process March
Security Control Review of the Currency Ordering System (Internal Report) June
Reducing the Risk of Loss or Theft of Confidential Information: Comparison of Agencies' Requirements (Internal Report) June
Security Control Review of the FISMA Assets Maintained by the Federal Reserve Bank of Boston (Internal Report) September
Evaluation of Data Flows for Board Employee Data Received by OEB and its Contractors (Internal Report) September
Audit of the Board's Information Security Program September
Control Review of the Board's Currency Expenditures and Assessments September
Evaluation of Certification and Accreditation (C&A) Reviews of the National Examination Database (Internal Report) September
Report on the External Quality Control Review of the Smithsonian Institution Inspector General Audit Organization December

Return to top