Financial statements were reliable and controls over financial reporting were effective in 2020 for the federal consumer financial protection agency, according to a report issued Monday by the congressional watchdog.
In its annual review of the Consumer Financial Protection Bureau’s (CFPB) financial statements and internal controls, the congressional Government Accountability Office (GAO) said the bureau’s statements for fiscal years 2020 and 2019 (ending Sept. 30) are “presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles (GAAP).”
The GAO also said effective internal controls over financial reporting were maintained (as of Sept. 30) and that there was “no reportable noncompliance for fiscal year 2020 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested.”
The 2020 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), and the Full-Year Continuing Appropriations Act of 2011, requires the GAO to prepare financial statements annually and to audit the agency’s financial statements.
Besides saying it was “pleased” to receive what it called an “unmodified audit opinion” for both years, the CFPB in a comment to the report that it would “continue to work to enhance its system of internal control and ensure the reliability of its financial reporting.”