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Financial Audit: Consumer Financial Protection Bureau's FY 2023 and FY 2022 Financial Statements

GAO-24-106737 Published: Nov 15, 2023. Publicly Released: Nov 15, 2023.
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Fast Facts

The Consumer Financial Protection Bureau works to enhance citizens' financial education and ensure that banks, lenders, and other financial companies treat people fairly.

The agency spent $2.75 billion in FY 2023 to do its work.

We audit and issue an opinion annually on CFPB's financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded).

In FY 2023, we found the statements were reliable and that controls over financial reporting were effective.

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Highlights

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, 2023, and 2022, 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, 2023; and (3) no reportable noncompliance for fiscal year 2023 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested.

In commenting on a draft of this report, CFPB stated that it was pleased to receive an unmodified audit opinion on its fiscal years 2023 and 2022 financial statements and on its internal control over financial reporting. In addition, CFPB stated that it will continue to work to enhance its system of internal control and ensure the reliability of its 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 CFPB to prepare financial statements annually and require GAO to audit the agency's financial statements. This report responds to these requirements.

For more information, contact James R. Dalkin at (202) 512-3133 or dalkinj@gao.gov.

Full Report

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James R. Dalkin
Director
Financial Management and Assurance

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Sarah Kaczmarek
Managing Director
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Topics

Accounting standardsCompliance oversightConsumersFederal reserve systemFinancial reportingFinancial statementsInternal controlsLaws and regulationsFinancial management systemsFinancial products