Bureau of Consumer Financial Protection's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-138R: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016.
What GAO Found
GAO found (1) the Bureau of Consumer Financial Protection’s, known as the Consumer Financial Protection Bureau (CFPB), financial statements as of and for the fiscal years ended September 30, 2016, and 2015, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) although internal controls could be improved, CFPB maintained, in all material respects, effective internal control over financial reporting as of September 30, 2016; and (3) no reportable noncompliance for fiscal year 2016 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. Although CFPB made progress in addressing a continuing significant deficiency in internal control over accounting for property, equipment, and software, GAO’s fiscal year 2016 audit identified continuing deficiencies in this area. These deficiencies collectively represent a significant deficiency in CFPB’s internal control over financial reporting that merits attention by those charged with governance of CFPB.
In commenting on a draft of this report, CFPB stated that it was pleased to receive an unmodified audit opinion on its fiscal years 2016 and 2015 financial statements. CFPB also concurred with the significant deficiency over accounting for its property, equipment, and software that GAO reported, and added that it will continue to work to enhance its system of internal control and ensure the reliability of CFPB’s financial reporting.
Why GAO Did This Study
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Full-Year Continuing Appropriations Act, 2011, both require GAO to annually audit CFPB’s financial statements. This report responds to these requirements.
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