Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Year 2009 Financial StatementsThe Economic Stabilization Act of 2008 (EESA) authorized the Secretary of the Treasury to implement the Troubled Asset Relief Program (TARP) and established the Office of Financial Stability (OFS) within the Department of the Treasury to do so. EESA requires the annual preparation of financial statements for TARP, and further requires an audit of these statements. The audit of OFS¿s fiscal year 2009 financial statements for TARP determined whether, in all material respects: (1) the financial statements were fairly stated; and (2) OFS management maintained effective internal control over financial reporting. The auditor also tested OFS¿s compliance with selected provisions of laws and regulations. Charts and tables. |
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2009 Financial Report additional AIFP American International Group amount approximately Asset Guarantee Program Asset Relief Program Asset-Backed Securities audit balance Bank of America bankruptcy basis points billion borrowers Budget BUDGETARY RESOURCES Capital Purchase Program cash flows Citigroup collateral common stock compliance control over financial Credit Reform direct loans disbursed dividends economic EESA ended September 30 entities equity investments estimated Eurodollar FCRA Federal Reserve financial institutions financial markets Financial Stability financial statements financial system FRBNY funds GMAC Government Accountability Office HAMP Home Affordable Modification implement interest internal control investors liabilities liquidity Loans and Equity market risk models mortgage net present value Office of Financial OFS’s outstanding payments percent period ended September PPIFs preferred shares present value repay repayments repurchases Section September 30 SFFAS significant SIGTARP subsidy cost Targeted Investment Program taxpayers Total transactions Treasury Treasury-OFS Troubled Asset Relief valuation