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U S GAO - Financial Audit: Federal Housing Finance Agency's

U S GAO - Financial Audit: Federal Housing Finance Agency's 2025

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The document is an audit report by Clifton Gunderson LLP assessing the Federal Housing Finance Agency's (FHFA) privacy program and its compliance with Section 522 of the Consolidated Appropriations Act of 2005. The audit identified strengths in FHFA's privacy policies but noted several deficiencies, including incomplete privacy training, lack of timely publication of System of Record Notices (SORNs), and failure to conduct required Privacy Impact Assessments (PIAs). The report includes nine recommendations aimed at strengthening FHFA's privacy program, which the agency agreed to implement.

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Who audits the US government spending?

The Department of the Treasury, in coordination with the Office of Management and Budget (OMB), prepares the Financial Report, which includes the financial statements for the U.S. Government. The Government Accountability Office (GAO) is required to audit these statements.

Who is the auditor for the federal government?

GAO is the supreme audit institution for the United States.

Who audits the financial accounts of government agencies in the state?

In 1927, the Legislature established the State Department of Finance (Finance) and assigned to it general responsibility for supervising matters concerning the states financial and business policies. This responsibility included all Executive Branch audit functions.

Does anyone audit the U.S. Government?

GAO has been auditing the federal governments consolidated financial statements since FY 1997 (as well as various other federal financial statements).

Who does the GAO answer to?

GAO performs work at the request of the Congress and under the Comptroller Generals authority. The agency conveys the results of its reviews through written products and through testimony to the Congress.

Who is regulated by the Federal Housing Finance Agency?

The Federal Housing Finance Agency provides supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.

What does GAO investigate?

Congress created GAO in the Budget and Accounting Act of 1921 to assist in the discharge of its core constitutional powers--the power to investigate and oversee the activities of the executive branch, the power to control the use of federal funds, and the power to make laws.

Who does the GAO audit?

GAO audits private firms under contract to produce goods and services for the Government; and units of State and local governments which receive Federal funds.