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GAO-18-185R 1 (2017-11-15)

handle is hein.gao/gaobaalhx0001 and id is 1 raw text is: GU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 15, 2017 Congressional Committees Financial Audit: Bureau of Consumer Financial Protection's Fiscal Years 2017 and 2016 Financial Statements This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2017 and 2016 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 2017. As discussed more fully in the auditor's report that begins on page 64 of the enclosed agency financial report, we found * the CFPB financial statements as of and for the fiscal years ended September 30, 2017, and 2016, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; * CFPB maintained, in all material respects, effective internal control over financial reporting as of September 30, 2017; and * no reportable noncompliance for fiscal year 2017 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. During fiscal year 2017, CFPB took actions to address the internal control deficiencies related to the significant deficiency1 in CFPB's internal control over accounting for property, equipment, and software that we reported as of September 30, 2016.2 These actions sufficiently addressed the control deficiencies in CFPB's determination and reporting of its property, equipment, and software such that we no longer consider the remaining control deficiencies in this area, individually or collectively, to represent a significant deficiency as of September 30, 2017. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act3 and the Full-Year Continuing Appropriations Act, 2011,4 both require CFPB to annually prepare financial statements and GAO to audit the agency's financial statements. This report responds to these requirements. 1As defined in auditing standards, a significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. A 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. 2GAO, Financial Audit. Bureau of Consumer Financial Protection's Fiscal Years 2016 and 2015 Financial Statements, GAO-1 7-138R (Washington, D.C.: Nov. 15, 2016). 3Pub. L. No. 111-203, title X, § 101 7(a)(5), 124 Stat. 1376, 1976-77 (2010), classified at 12 U.S.C. § 5497(a)(5). 4Pub. L. No. 112-10, div. B, title V, § 1573(a), 125 Stat. 38, 138 (2011), classified at 12 U.S.C. § 5496a. GAO-1 8-185R CFPB's Fiscal Years 2017 and 2016 Financial Statements Page 1

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