Audit Clears CFPB Accounting Practices

Law360, Washington (December 17, 2013, 6:05 PM EST) -- The U.S. Government Accountability Office on Tuesday approved the Consumer Financial Protection Bureau’s financial reporting for the 2012 and 2013 fiscal years, but said the agency should address some deficiencies in its internal controls over accounts payable.

The GAO found in its audits of CFPB financial records that the agency's financial statements were presented fairly in accordance with U.S. generally accepted accounting principles, according to a report on the audit released to the public.

The GAO identified deficiencies in CFPB internal controls that are not considered...
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