OFHEO Selects Accounting Firm To Assist With Fannie Mae Special Examination

February 11, 2004

The Office of Federal Housing Enterprise Oversight ( OFHEO) has awarded a contract to Deloitte & Touche LLP to supplement OFHEO's efforts in conducting a special examination of accounting policies and practices at Fannie Mae. The contract, for up to $5.7 million dollars, is funded by resources provided to OFHEO in fiscal 2004. Deloitte & Touche was selected from five vendors who submitted competitive bids in response to OFHEO's Request for Proposal (RFP).

The review follows a special examination of accounting and management practices at Freddie Mac. In the Fannie Mae review, OFHEO will examine, among other things, accounting policies and internal controls at the Enterprise , with emphasis on identification of any control weaknesses or unusual transactions. The contract is effective immediately and the examination is expected to take up to a year.

Source: OFHEO