RSSA May 21, 2012 report from the Government Accountability Office identified seven internal control issues that the Consumer Financial Protection Bureau should consider fixing.
The GAO last reviewed the CFPB in November 2011, when it issued an opinion on the Bureau’s 2011 financial statements, internal controls and compliance with certain regulations and laws. The Dodd-Frank Act requires the GAO to audit CFPB’s financial statements.
In the most recent report, the GAO makes 10 specific internal controls recommendations. Although they are largely administrative – dealing, for example, with issues reminding all staff to get prior written approval for travel expenses – there is one that requires Congress’ consideration.
Congress should address strengthening payroll policies and procedures within the CFPB, according to the GAO report.
View the full GAO report to the CFPB.
