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Wednesday, December 11, 2013

CFPB Published Report of Independent Audit

As required by the Dodd-Frank Act, a performance audit was conducted on the CFPB. KPMG, the private firm that conducted the audit, evaluated the CFPB’s:
  • Intra-agency and interagency coordination process for the CFPB’s student loan initiatives relative to leading practices;
  • Contracting officer’s representative (COR) function in relation to CFPB’s policies and the Federal Acquisition Regulation (FAR);
  • Budget process relative to the CFPB’s policies and procedures established over budget formulation, execution, and monitoring, and;
  • Corrective actions taken to resolve the findings and recommendations included in CFPB’s 2012 Independent Audit of Operations and Budget.

KPMG identified findings and made recommendations, including to increase the frequency of reviews of contract administration files maintained by CORs and to perform a de-obligation process more than once per year.

Read the report.

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