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
Examining the examiner: GAO audit of CFPB identifies internal control issues
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
We can’t help finding a bit of irony in the Government Accountability Office’s report issued on May 21 that discusses seven internal control issues the GAO identified during its audit of the CFPB’s fiscal year 2011 statements. According to the report, the issues identified by the GAO increase the risk of the CFPB “not preventing or promptly detecting and
correcting (1) misappropriation of assets because of insufficient internal controls; (2) unauthorized access, modification, or both of its data; and (3) misstatements in its financial statements.”… Continue Reading