The Government Accountability Office has issued a report that presents additional information regarding two significant deficiencies identified by the GAO in its audit of the CFPB’s FY 2013 and 2012 financial statements. The GAO found that the CFPB did not effectively design or implement (1) internal control over its year-end accrual process to ensure accounts payable amounts recorded were complete and accurate, and (2) policies and procedures to ensure accurate and complete recording of its property and equipment transactions in the general ledger. … Continue Reading