CFPB releases independent audit of its operations and budget

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau has released an independent audit of its operations and budget for fiscal year 2016, an audit it orders annually in accordance with the Dodd-Frank Act. This year's audit, conducted by KPMG LLP, evaluated: (1) the CFPB's budget process relative to bureau policies and procedures established over budget formulation, execution, and monitoring; (2) a review of CFPB inventory and asset management practices, policies, and procedures; (3) the CFPB's Frequent Traveler Stipend Program; and (4) the corrective actions taken to resolve the findings included in the bureau's fiscal year 2015 Independent Audit of Selected Operations and Budget, also completed by KPMG.

The report found that adherence to asset management policies and procedures needs to be improved and certain additional controls need to be adopted. It also found that the prior year audit's control deficiency has been partially remediated.