Fannie Mae 2014 Annual Report Download - page 217

F-2
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, 2014 and 2013, and the related consolidated statements of operations and
comprehensive income, cash flows, and changes in equity (deficit) for each of the three years in the period ended December
31, 2014. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on the 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, 2014 and 2013, and the results of their operations and
their cash flows for each of the three years in the period ended December 31, 2014, in conformity with accounting principles
generally accepted in the United States of America.
As discussed in Note 1 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 received
substantial support from various agencies of the United States Government, including the United States Department of
Treasury and FHFA. The Company is dependent upon 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, 2014, based on the criteria established in Internal
Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission,
and our report dated February 20, 2015, expressed an adverse opinion on the Company’s internal control over financial
reporting because of a material weakness.
/s/ Deloitte & Touche LLP
McLean, Virginia
February 20, 2015