Bureau of Consumer Financial Protection's Fiscal Years 2013 and 2012 Financial Statements
GAO-14-170R: Published: Dec 16, 2013. Publicly Released: Dec 16, 2013.
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What GAO Found
GAO found (1) the Consumer Financial Protection Bureau's (CFPB) financial statements as of and for the fiscal years ended September 30, 2013, and 2012, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) CFPB maintained, in all material respects, effective internal control over financial reporting as of September 30, 2013, although internal control deficiencies related to recording year-end accounts payable and accounting for property and equipment exist that merit attention by those charged with governance; and (3) no reportable noncompliance for fiscal year 2013 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. In commenting on a draft of this report, the Director of CFPB stated that he was pleased to receive an unmodified opinion on CFPB's financial statements and that CFPB will continue to work to enhance its system of internal control and ensure the reliability of its financial reporting. The Director acknowledged the two significant deficiencies GAO reported regarding accounts payable and property and equipment and added that CFPB is developing and implementing corrective actions.
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. GAO conducted its audits in accordance with U.S. generally accepted government auditing standards.
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