Advanced Search

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 CFPBís 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. ďThese deficiencies increase the risk that the CFPB may not detect and correct errors in time to prevent misstatement of the financial statements,Ē the GAO said. The GAO made four new recommendations it said are intended to improve managementís oversight and controls in these areas and reduce the risk of misstatements in the CFPBís accounts and financial statements. First, the...

Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.

Subscriber Log In

If you are a current subscriber or already purchased this article, please login below.

Forgot your password?

Already subscribe but haven't registered for all the benefits of the website?


This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.



You can purchase this article for $55.00 without subscribing and always have access to it on

Pay Per View

Please contact Customer Service if you need assistance: 1-800-570-5744


With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.