WASHINGTON (5/5/14)--Internal control issues increase the risk that the Consumer Financial Protection Bureau may not detect and correct errors in its own financial statements, the U.S. Government Accountability Office reported last week.
The GAO analysis of the CFPB's fiscal 2012 and 2013 statements and other documents found that the bureau did not effectively design or implement:
To address these issues, the GAO recommended that the bureau:
The GAO said the CFPB has agreed with these recommendations, and has implemented or is in the process of implementing the recommendations.
For the full GAO report, use the resource link.