Fannie Mae 2004 Annual Report Download - page 253

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of Fannie Mae:
We have audited the accompanying consolidated balance sheets of Fannie Mae (the “Company”) as of
December 31, 2004 and 2003, and the related consolidated statements of income, changes in stockholders’
equity, and cash flows for each of the three years in the period ended December 31, 2004. These financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial
position of Fannie Mae as of December 31, 2004 and 2003, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2004, in conformity with accounting principles
generally accepted in the United States of America.
We were engaged to audit, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of the Company’s internal control over financial reporting as of
December 31, 2004, and our report dated December 6, 2006 disclaimed an opinion on management’s
assessment of the effectiveness of the Company’s internal control over financial reporting because of a scope
limitation and expressed an adverse opinion on the effectiveness of the Company’s internal control over
financial reporting because of material weaknesses and the effects of a scope limitation.
As discussed in Note 1 to the consolidated financial statements, the Company has restated the accompanying
2002 and 2003 consolidated financial statements.
/s/ Deloitte & Touche LLP
Washington, DC
December 6, 2006
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