Federal Reserve releases 2024 audited financial statements

The Federal Reserve Board published its annual audited financial statements for 2024 on Friday. An independent accounting firm confirmed that the audit found no significant errors. The financial statements include details from all 12 Federal Reserve Banks, the Board itself, and one limited liability company connected to the Board's COVID-19 response. These documents outline assets, liabilities, and operations as of December 31, 2024. The Federal Reserve Act mandates that the Board conducts a yearly independent audit. KPMG LLP, a well-known public accounting firm, performed the audit this year, looking at both the overall financial statements and internal controls. Alongside the annual audit, the Federal Reserve Board also shares a weekly balance sheet and quarterly financial updates to the public.