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GAO: CFPB Needs Additional Internal Controls

Posted on 5/22/2012

The Consumer Financial Protection Bureau should add several internal controls to prevent a misappropriation of assets and errors in its financial statements, the Government Accountability Office said in a report released yesterday.

The report followed up on several control issues the GAO identified last year in its first CFPB audit. "We do not consider these issues to represent material weaknesses or significant deficiencies in relation to CFPB's financial statements," the GAO said. "Nonetheless, we believe they warrant management's attention and action."

The GAO said the bureau should enhance its internal control review procedures; establish an agency-wide information security system; implement procedures to ensure the recording of accurate contracts information; improve procedures for approving travel transactions; and conduct quarterly post-payment reviews.

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