GAO Urges CFPB To Improve Internal Controls And Accounting Procedures

In a recent management report, the Government Accountability Office ("GAO") recommended improvements to the internal controls and accounting procedures of the Consumer Financial Protection Bureau ("CFPB"). GAO determined that the CFPB had not implemented effectively internal controls over the recording of its property, equipment and software since GAO's fiscal year 2013 financial statement audit of the agency.

GAO advised the CFPB that if it continued to make such errors, its financial statements could be misstated quarterly and at year-end, which, in turn, could (i) prevent management from making informed decisions about the allocation of resources, and (ii) provide misleading information to the users of the financial statements about CFPB's financial position.