Consumer bureau earns clear audit report from congressional watchdog

Financial statements at the federal consumer financial protection agency are presented fairly and internal controls are effective, the congressional watchdog reported Friday in its annual, statutorily required financial audit of the agency.

The Government Accountability Office (GAO) said in its audit report – mandated annually by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) – that in addition to having fairly presented its financial reports, and evidenced effective internal controls, the Consumer Financial Protection Bureau (CFPB) had “no reportable noncompliance for fiscal year 2019 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested.”

In a response to the audit report, CFPB said it would “continue to work to enhance its system of internal control and ensure the reliability of its financial reporting.”

Bureau of Consumer Financial Protection’s FY 2019 and FY 2018 Financial Statements