ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2 times a year
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Every year
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Either A or B
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None of the above
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Detailed explanation-1: -The Reserve Banks ’ and LLCs’ financial statements are audited annually by an independent public accounting firm retained by the Board of Governors.
Detailed explanation-2: -We have audited the accompanying balance sheets of the Board of Governors of the Federal Reserve System (the Board) as of December 31, 1995 and 1994, and the related statements of revenues and expenses for the years then ended. These financial statements are the responsibility of the Board’s management.
Detailed explanation-3: -Yes, the Board of Governors, the 12 Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review: The Government Accountability Office (GAO) conducts numerous reviews of Federal Reserve activities every year.
Detailed explanation-4: -Audit which is conducted after completing the financial year is termed as periodic audit.
Detailed explanation-5: -The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury.