GAO gives CFPB clean audit opinion for fiscal 2021, 2020 financial statements

The financial statements of the Consumer Financial Protection Bureau (CFPB) for fiscal years ending 2021 and 2020 were given an unmodified (or “clean”) audit opinion by the Government Accountability Office (GAO), according to a report issued Monday.

The GAO said it found:

  • the CFPB’s financial statements as of and for the fiscal years ended Sept. 30, 2021, and 2020, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles
  • the CFPB maintained, in all material respects, effective internal control over financial reporting as of September 30, 2021; and
  • no reportable noncompliance for fiscal year 2021 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested.

The GAO noted that in its fiscal year 2021 audit, it did identify deficiencies in the burau’s internal control over financial reporting, but it did not consider these to be material weaknesses or significant deficiencies. “We have communicated these matters to CFPB management and, where appropriate, will report on them separately,” the report states.