Financial Audit: Bureau of Consumer Financial Protection's FY 2020 and FY 2019 Financial Statements
Fast Facts
Which federal agency looks out for your financial interests? Where do you turn to improve your financial education?
The Bureau of Consumer Financial Protection works to enhance financial education and ensure banks, lenders, and other financial companies treat citizens fairly.
Each year, we audit the Bureau's financial statements and issue an opinion on them, as well as on the effectiveness of the Bureau's internal controls (e.g., ability to ensure that transactions are properly authorized and recorded). In FY 2020, we found that the Bureau's statements were reliable and its controls over financial reporting were effective.
Highlights
What GAO Found
GAO found (1) the Bureau of Consumer Financial Protection's (Bureau) financial statements as of and for the fiscal years ended September 30, 2020, and 2019, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) the Bureau maintained, in all material respects, effective internal control over financial reporting as of September 30, 2020; and (3) no reportable noncompliance for fiscal year 2020 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested.
In commenting on a draft of this report, the Bureau stated that it was pleased to receive an unmodified audit opinion on its fiscal years 2020 and 2019 financial statements and on its internal control over financial reporting. In addition, the Bureau 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 the Bureau 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 Cheryl E. Clark at (202) 512-3406 or clarkce@gao.gov.