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Monday, May 21, 2012

GAO Identifies CFPB Internal Control Issues

GAO released a report today on the CFPB. GAO identified seven internal control issues that could adversely affect CFPB’s ability to meet its internal control objectives. These issues increase the risk of CFPB not preventing or promptly detecting and correcting the following:
  • Misappropriation of assets because of reliance on insufficient internal controls; 
  • Unauthorized access, modification, or both of its data; and 
  • Misstatements in its financial statements.
Read the report.

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