What GAO Found
GAO found (1) the Bureau of Consumer Financial Protection's, known as the BCFP, financial statements as of and for the fiscal years ended September 30, 2018, and 2017, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) BCFP maintained, in all material respects, effective internal control over financial reporting as of September 30, 2018; and (3) no reportable noncompliance for fiscal year 2018 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested.
In commenting on a draft of this report, BCFP stated that it was pleased to receive an unmodified audit opinion on its fiscal years 2018 and 2017 financial statements. In addition, BCFP stated that it will continue to work to enhance its system of internal control and ensure the reliability of BCFP'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 BCFP to annually prepare financial statements and GAO to audit the agency's financial statements. This report responds to these requirements.
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