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GAO-15-146R 1 (2014-11-17)

handle is hein.gao/gaobaaikr0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 17, 2014 The Honorable Tim Johnson Chairman The Honorable Mike Crapo Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2014 and 2013 Financial Statements This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2014 and 2013 financial statements of the Bureau of Consumer Financial Protection, known as the Consumer Financial Protection Bureau (CFPB), which is incorporated in the enclosed Financial Report of the Consumer Financial Protection Bureau for Fiscal Year 2014. These financial statements are the responsibility of CFPB. As discussed more fully in the auditor's report that begins on page 57 of the enclosed financial report, we found * the CFPB financial statements as of and for the fiscal years ended September 30, 2014, and 2013, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; * CFPB's internal control over financial reporting was not effective as of September 30, 2014, because of a material weakness1 in internal control over the reporting of accounts payable; and * no reportable noncompliance for fiscal year 2014 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. 1A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. GAO-1 5-146R CFPB's Fiscal Years 2014 and 2013 Financial Statements Page 1

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