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