Bureau of Consumer Financial Protection's Fiscal Years 2017 and 2016 Financial Statements
GAO-18-185R: Published: Nov 15, 2017. Publicly Released: Nov 15, 2017.
- Full Report:
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, 2017, and 2016, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) CFPB maintained, in all material respects, effective internal control over financial reporting as of September 30, 2017; and (3) no reportable noncompliance for fiscal year 2017 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. During fiscal year 2017, GAO found that CFPB took actions to address the internal control deficiencies related to the significant deficiency in CFPB's internal control over accounting for property, equipment, and software that GAO reported as of September 30, 2016. These actions sufficiently addressed the control deficiencies in CFPB's determination and reporting of its property, equipment, and software such that GAO no longer considers the remaining control deficiencies in this area, individually or collectively, to represent a significant deficiency as of September 30, 2017.
In commenting on a draft of this report, CFPB stated that it was pleased to receive an unmodified audit opinion on its fiscal years 2017 and 2016 financial statements. CFPB was also pleased with GAO's conclusion that the significant deficiency over accounting for its property, equipment, and software that GAO reported as of September 30, 2016, was remediated. In addition, CFPB stated that it will continue to work to enhance its system of internal control and ensure the reliability of its 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 CFPB to annually prepare financial statements and GAO to audit the agency's financial statements. This report responds to these requirements.
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