The 2023 year-end audit of Federal Reserve Bank (FRB) financial statements performed by our external auditor KPMG will continue to utilize the online tool, Confirmation (Off-site). This is in addition to email messages to solicit responses to balance confirmations for your master account, member bank shares held and/or loans issued under the Paycheck Protection Program Liquidity Facility (PPPLF). The use of Confirmation for the year-end audit was implemented in 2022 as part of ongoing efforts to improve delivery of information and services to customers. As a reminder, below is what you can expect with the use of this tool.
What can I expect?
- An option to confirm your institution’s information via Confirmation. The request will be sent from system.administrator@confirmation.com to confirm your balance(s).
- Institutions that utilize Confirmation for their own audit request will have the request routed to their normal audit request queue.
- Institutions that do not utilize Confirmation will receive the request via email to a contact on your institution’s Official Authorization List (OAL). Please note that you will have the ability to confirm or reject the audit request.
- Confirmation requests can be confirmed as valid FRB requests by confirming the Client Electronic Signature section—signed by Gradeigh Mack, Director Financial Management.
- Continued use of email and PDF attachment sent by a KPMG associate from their @kpmg.com email address will remain an option to reply to the balance confirmation request if you opt not to respond through Confirmation.
- The data elements that are being confirmed are the same as prior years and may include:
- Master Accounts
- Balance at close of business Dec. 31, 2023
- Interest rate
- Member Banks
- Number of shares held at close of business Dec. 31, 2023
- Paid-in capital
- Total dividends received from FRB in 2023
- PPPLF Loans
- Loan ID
- Date of maturity
- Current outstanding advance amount
- Master Accounts
- Please note that there is no cost to reply to an FRB audit request, whether replying by PDF and email or via Confirmation.
What actions do I need to take?
In mid-January, FRB audit requests will be sent via two communication methods: Confirmation and an email from KPMG. When you receive this request, please review and respond in a timely manner. The balance confirmation process is an important step in preparing the Federal Reserve System Audited Annual Financial Statements (Off-site).
How can I find support?
We appreciate your support and look forward to continuing to serve you in 2024. If you have any questions about these changes, please contact National Accounting and Customer Support at SYS.NACS.CapitalStock@mpls.frb.org.
