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GAO-21-174R 1 (2020-11-16)

handle is hein.gao/gaobaebyy0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 16, 2020 Congressional Committees Financial Audit: Bureau of Consumer Financial Protection's FY 2020 and FY 2019 Financial Statements This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2020 and 2019 financial statement of the Bureau of Consumer Financial Protection (Bureau or BCFP) which is incorporated in the enclosed Financial Report of the Bureau of Consumer Financial Protection for Fiscal Year 2020. As discussed more fully in the auditor's report that begins of page 55 of the enclosed agency financial report, we found the Bureau's financial statements as of and for the fiscal years ended September 30, 2020 and 2019, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; the Bureau maintained, in all material respects, effective internal control over financial reporting as of September 30, 2020; and no reportable noncompliance for fiscal year 2020 with provisions of applicable laws, regulations, contracts, and grant agreements we tested Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act1 and the Full-Year Continuing Appropriations Act, 2011,2 both require the Bureau to prepare financial statements annually and require GAO to audit the agency's financial statements. This report responds to these requirements. We are sending copies of this report to the Director of the Bureau of Consumer Financial Protection, the Chair of the Federal Reserve, the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, the Director of the Office of Management and Budget, interested congressional committees and members, and other interested parties. In addition, the report is available at no charge at the GAO website at https://www gao.gov. 1 Pub. L. No. 111-203, title X, § 1017(a)(4)(B), (a)(5), 124 Stat. 1376, 1976-77 (2010), classified at 12 U.S.C. § 5497(a)(4)(B), (a)(5). 2 Pub. L. No. 112-10, div. B, title V, § 1573(a), 125 Stat. 38, 138 (2011), classified at 12 U.S.C. § 5496a. GAO-21-174R BCFP's FY 2020 and FY 2019 Financial Statements Page 1

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