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GAO asks CFPB for internal control improvements
WASHINGTON (5/23/12)--The U.S. Government Accountability Office (GAO) has recommended that the Consumer Financial Protection Bureau (CFPB) improve aspects of its own accounting policies, and identified a number of other ways the CFPB could improve its internal controls.

In its report entitled "Opportunitiers for Improvement in the Bureau of Consumer Financial Protection's Internal Controls and Accounting Procedures," the GAO recommended that CFPB Director Richard Cordray direct his CFO to:

  • finalize and approve CFPB's documented accounting policies and procedures to include requirements for thoroughly documenting all key accounting policies and procedures;
  • augment the agency's internal control review procedures to include all components of CFPB controls, including controls over financial reporting services provided to the CFPB and key laws and regulations governing the CFPB's financial reporting functions; and
  • make changes to portions of the CFPB's travel reimbursement and contractor/employee payment policies.
The GAO also recommended the CFPB establish an agency-wide information security program in accordance with Federal Information Security Management Act (FISMA) guidance.

The GAO said the weakness identified did not represent material weaknesses or significant deficiencies in relation to CFPB's financial statements, but still warrant CFPB management's attention and action.

CFPB staff said the agency concurred with the GAO findings and recommendations, and added that the CFPB is working to address the issues identified in the report. The CFPB did not, however, specifically answer how the issues would be addressed.

For the full GAO report, use the resource link.
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