Financial Audit: Federal Housing Finance Agency's FY 2024 and FY 2023 Financial Statements

What GAO Found

GAO found (1) the Federal Housing Finance Agency's (FHFA) financial statements as of and for the fiscal years ended September 30, 2024, and 2023, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) although internal controls could be improved, FHFA's internal control over financial reporting was effective as of September 30, 2024; and (3) no reportable noncompliance for fiscal year 2024 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. In its written comments on a draft of this report, FHFA stated that it was pleased to accept GAO's unmodified audit opinions. In addition, it will continue to enhance its internal control and ensure the reliability of its financial reporting. This includes coordinating with its stakeholders to address the significant deficiency through process changes and training.

Why GAO Did This Study

The Housing and Economic Recovery Act of 2008 established FHFA as an independent agency empowered with supervisory and regulatory oversight of the housing-related government-sponsored enterprises: the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the 11 Federal Home Loan Banks, and the Office of Finance. This act requires FHFA to prepare financial statements annually and requires GAO to audit the agency's financial statements. In accordance with the act, GAO audited FHFA's financial statements.

For more information, contact Anne Sit-Williams at (202) 512-7795 or [email protected].