Fannie Mae 2008 Annual Report Download - page 280

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To Fannie Mae:
We have audited the accompanying consolidated balance sheets of Fannie Mae and consolidated entities (In
conservatorship) (the “Company”) as of December 31, 2008 and 2007, and the related consolidated statements
of operations, cash flows, and changes in stockholders’ equity (deficit) for each of the three years in the
period ended December 31, 2008. 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 and consolidated entities (In conservatorship) as of December 31, 2008 and 2007, and
the results of their operations and cash flows for each of the three years in the period ended December 31,
2008, in conformity with accounting principles generally accepted in the United States of America.
As discussed in Note 2 to the consolidated financial statements, effective January 1, 2008, the Company
adopted Statement of Financial Accounting Standards No. 157, “Fair Value Measurement,” and Statement of
Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial
Liabilities — Including an amendment of FASB Statement No. 115.”
As also discussed in Note 2 to the consolidated financial statements, the Company is currently under the
control of its conservator and regulator, the Federal Housing Finance Agency (“FHFA”). Further, the Company
directly and indirectly receives substantial support from various agencies of the United States Government,
including the Federal Reserve, the Treasury Department and FHFA. The Company is dependent upon the
continued support of the United States Government, various United States Government agencies and the
Company’s conservator and regulator, FHFA.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2008, based on
the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated February 26, 2009 expressed an adverse
opinion on the Company’s internal control over financial reporting because of material weaknesses.
/s/ Deloitte & Touche LLP
Washington, DC
February 26, 2009
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