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OIG Audit Report On Audit Report OIG-19-021 FINANCIAL MANAGEMENT Audit of the Office of the Comptroller of the Currency’s Financial Statements for Fiscal Years 2018 and 2017 December 12, 2018 Office of Inspector General Department of the Treasury This Page Intentionally Left Blank DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 OFFICE OF December 12, 2018 INSPECTOR GENERAL MEMORANDUM FOR JOSEPH OTTING COMPTROLLER OF THE CURRENCY FROM: James Hodge /s/ Director, Financial Audit SUBJECT: Audit of the Office of the Comptroller of the Currency’s Financial Statements for Fiscal Years 2018 and 2017 I am pleased to transmit the attached subject report. Under a contract monitored by our office, Williams, Adley & Company-DC, LLP (Williams Adley), a certified independent public accounting firm, audited the financial statements of the Office of the Comptroller of the Currency (OCC) as of September 30, 2018 and 2017, and for the years then ended, provided a report on internal control over financial reporting, and on compliance with laws, regulations, and contracts tested. The contract required that the audit be performed in accordance with U.S. generally accepted government auditing standards, Office of Management and Budget Bulletin No. 19-01, Audit Requirements for Federal Financial Statements, and the Government Accountability Office/Council of the Inspectors General on Integrity and Efficiency, Financial Audit Manual. In its audit of OCC, Williams Adley found • the financial statements were fairly presented, in all material respects, in accordance with U.S. generally accepted accounting principles; • no deficiencies in internal control over financial reporting that are considered material weaknesses; and • no instances of reportable noncompliance with laws, regulations, and contracts tested. In connection with the contract, we reviewed Williams Adley’s reports and related documentation and inquired of its representatives. Our review, as differentiated from an audit performed in accordance with U.S. generally accepted government auditing standards, was not intended to enable us to express, and we do not express, an opinion on OCC’s financial statements or conclusions about the effectiveness of internal control or compliance with laws and regulations. Page 2 Williams Adley is responsible for the attached auditors’ reports dated October 31, 2018, and the conclusions expressed in the reports. However, our review disclosed no instances where Williams Adley did not comply, in all material respects, with U.S. generally accepted government auditing standards. Should you have any questions, please contact me at (202) 927-0009, or Shiela Michel, Manager, Financial Audit, at (202) 927-5407. Attachment 2018 ANNUAL REPORT Safe Sound Fair 2018 ANNUAL REPORT Safe Sound Fair About This Report The fiscal year2018 Annual Report provides Congress with an overview of the condition of the federal banking system. The annual report discusses the OCC’s strategic priorities and details agency regulatory and policy initiatives. Additionally, the report discusses the agency’s financial management and condition, including its audited financial statements. Table of Contents About the OCC .......................................................................................................................1 Comptroller’s Viewpoint ...........................................................................................................3 Economic Growth, Regulatory Relief, and Consumer Protection ................................................3 Comptroller’s Priorities ..........................................................................................................3 Conclusion ...........................................................................................................................6 Section 1: Condition of the Federal Banking System ...................................................................7 Composition.........................................................................................................................7 Capital and Liquidity ............................................................................................................7 Financial Performance ..........................................................................................................8 Risk Perspective ....................................................................................................................9 Diversity ..............................................................................................................................9 Section 2: Priorities for Economic Growth, Regulatory Relief, and Consumer Protection ...............10 Modernizing the Approach to the Community Reinvestment Act .............................................10 Expanding Consumer Options With Short-term, Small-Dollar Lending ....................................10 Enhancing Compliance With Bank Secrecy Act and Anti-Money Laundering Laws ...................11 Simplifying the Volker Rule and Capital Requirements ...........................................................12 Encouraging Responsible Innovation ....................................................................................13 Implementing the Economic Growth Act ...............................................................................14 Other Legislative Priorities ...................................................................................................14 Section 3: Operating Efficiently and Effectively ........................................................................15 Promoting Efficient and Effective Operations .........................................................................15 Empowering Employees ......................................................................................................16 Strategic Plan .....................................................................................................................16 Performance Measures and Results ......................................................................................16 Section 4: Supervision Program ..............................................................................................18 Examiners in the OCC Workforce ........................................................................................18 Office of the Comptroller of the Currency Table of Contents 2018 l Annual Report Supervision Priorities ..........................................................................................................18 Economic Growth and Regulatory Paperwork Reduction Act ..................................................18 Published Rules, Guidance, and Material .............................................................................19 Creating an Integrated Approach to Bank Supervision ..........................................................22 Section 5: Supervisory Actions ...............................................................................................23 Licensing Activities ..............................................................................................................23 Enforcement Actions ...........................................................................................................25 Matters Requiring Attention .................................................................................................26 Section 6: Leadership ............................................................................................................27 Section 7: Financial Management Discussion and Analysis .......................................................32 Letter From the Chief Financial Officer ..................................................................................32 Financial Summary .............................................................................................................33 Cost of Operations .............................................................................................................34 Revenues ...........................................................................................................................34 Assets ................................................................................................................................34 Investments ........................................................................................................................34 Liabilities ...........................................................................................................................35 Net Position .......................................................................................................................35 Financial Statements ...........................................................................................................36 Notes to the Financial Statements .........................................................................................39 Independent Auditor’s Report .................................................................................................53 Improper Payments Elimination and Recovery Improvement Act ................................................56 Assurance Statement .............................................................................................................57 Abbreviations .......................................................................................................................58 Office of the Comptroller of the Currency Office of the Comptroller
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