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Volume 25 - Number 10

May 12, 2014

GAO Finds Key Internal Control Deficiencies in Audit of CFPB

The Government Accountability Office identified two significant deficiencies in the CFPB’s internal controls over financial reporting. Specifically, the GAO found that CFPB did not effectively design or implement internal controls over its year-end accrual process to ensure accounts payable amounts recorded were complete and accurate, nor did its controls ensure accurate and complete recording of its property and equipment transactions. “These deficiencies increase the risk that the CFPB may not detect and correct errors in time to prevent misstatement of the financial statements,” the GAO said. The GAO made four new recommendations it said are intended to improve management’s oversight and controls in these areas and reduce the risk of misstatements in the CFPB’s accounts and financial statements. First, the...

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