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Monday, May 5, 2014

GAO: Improvements Needed in CFPB's Internal Controls and Accounting Procedures

In its audit of the CFPB’s fiscal years 2013 and 2012 financial statements, GAO identified two significant deficiencies in CFPB’s internal control over financial reporting. The GAO found that the CFPB did not effectively design or implement:

  • Internal control over its year-end accrual process to ensure accounts payable amounts recorded were complete and accurate and
  • Controls to ensure accurate and complete recording of its property and equipment transactions.

The GAO is making four recommendations to help the CFPB prevent the misstatement of their financial statements, including:

  • To develop detailed guidance and training for the contracting officer representatives to further assist them in identifying and estimating accruals,
  • To create control procedures and review underlying supporting documents that ensure that property and equipment costs are properly capitalized or expensed as appropriate, and
  • To strengthen the design and implementation of control procedures regarding the review of the accounts payable estimates to include variance analysis of calculations and comprehensive review of obligating documents.

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