CFPB Accounting Significantly Deficient: GAO Report

From: Credit Union Times

By David Morrison

A May 2 report from the Government Accountability Office took the CFPB to task for the way it accounted for internal financial controls and reporting.

The report followed up and detailed a Dec. 13, 2013 GAO audit that revealed significant deficiencies.

Specifically, the report found CFPB failed to develop internal controls over its yearend accrual process to ensure accounts payable amounts recorded were complete and accurate. The CFPB also failed to develop and implement controls to 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,” GAO wrote. 

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