In accordance with the Government Corporation Control Act as amended (31 U.S.C. 9105), the Office of Inspector General engaged the independent certified public accounting firm of CliftonLarsonAllen LLP (CLA) to audit the fiscal years 2012 and 2011 financial statements of the Government National Mortgage Association (Ginnie Mae). The contract required that the audit be performed according to Generally Accepted Government Auditing Standards (U.S. GAGAS). Ginnie Mae’s fiscal year 2011 financial statements were audited by Clifton Gunderson[1]; whose report dated November 7, 2011 expressed an unqualified opinion on those financial statements.

In connection with the contract, we reviewed CLA’s report and related documentation and inquired of its representatives. Our review, as differentiated from an audit in accordance with U.S. GAGAS, was neither intended to enable us to express an opinion nor do we express an opinion on GNMA’s financial statements, internal controls or conclusions on compliance with laws and regulations. CLA is responsible for the attached auditor’s report dated November 7, 2012 and the conclusions expressed in the report. Our review disclosed no instances where CLA did not comply, in all material respects, with U.S. GAGAS.

This report includes both the Independent Auditors’ Report and Ginnie Mae’s principal financial statements. Under Federal Accounting Standards Advisory Board (FASAB) standards, a general-purpose federal financial report should include as required supplementary information (RSI) a section devoted to Management’s Discussion and Analysis (MD&A) of the financial statements and related information. The MD&A is not included with this report. Ginnie Mae plans to separately publish a Report to Congress for fiscal year 2012 that conforms to FASAB standards.

[1] In early 2012, Clifton Gunderson LLP merged with another firm and became CliftonLarsonAllen LLP.