Management Report: Opportunities for Improvement in the Bureau of Consumer Financial Protectionäó»s Internal Controls and Accounting Procedures

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Our Price: $20.00

By Steven J. Sebastian (au)
Year: 2012
Pages: 24
Binding Paperback
ISBN 978-1-4578-3376-2

Product Code: 145783376X

Description

In Nov. 2011, GAO issued their opinion on the Bureau of Consumer Financial Protection's (CFPB) FY 2011 financial statements. That report also included GAOäó»s opinion on the effectiveness of CFPB's internal control over financial reporting as of Sept. 30, 2011, and evaluation of CFPB's compliance with provisions of selected laws and regulations for the fiscal year ended Sept. 30, 2011. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act,r eferred to as the Consumer Financial Protection Act of 2010, created CFPB and charged it with the responsibility of regulating the offering and provision of consumer financial products or services under the federal consumer financial laws. The act also requires CFPB to annually prepare financial statements, and further requires GAO to audit these statements. The Full-Year Continuing Appropriations Act, 2011, also requires that GAO audit CFPB's financial statements. While CFPB began operations in 2010, FY 2011 was its first full year of operations. As a newly established entity, CFPB spent the majority of FY 2011 forming its structure and commencing operations. This report presents additional information on the internal control and accounting procedure issues GAO identified during their audit of CFPB's FY 2011 financial statements and provides GAOäó»s recommended actions to address those issues. This is a print on demand report.

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