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Volume 25 - Number 24

November 24, 2014

GAO Finds Weakness in CFPB Internal Control for Payables

The CFPB’s internal control over financial reporting was not effective as of September 30, 2014, because of a material weakness related to the reporting of accounts payable, according to a new study by the U.S. Government Accountability Office. The material weakness is a result of serious control deficiencies that affected CFPB’s determination and reporting of accounts payable. “Specifically, GAO found that CFPB did not have effective procedures in place to determine and record an appropriate amount for goods and services received but not yet paid for as of Sept. 30, 2014,” said the congressional watchdog agency. Additionally, CFPB did not have effective review procedures to timely detect and correct inaccuracies in the accrual amounts. “Despite the material weakness, CFPB made ...

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