What GAO Found
GAO found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Consumer Financial Protection Bureau (CFPB) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012; and (3) no reportable noncompliance in fiscal year 2012 with provisions of laws and regulations GAO tested.
Why GAO Did This Study
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 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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