The Office of Inspector General for the CFPB and the Federal Reserve Board has issued an audit report assessing the bureau’s compliance with the “Federal Acquisition Regulation” and CFPB policy related to soliciting and awarding contracts, as well as the effectiveness of the CFPB’s associated internal controls. The audit focused on procurement activities that precede contract award.
The OIG found that while the bureau was generally compliant with applicable laws, regulations, and policies, on some occasions the CFPB’s records were missing required documentation. The OIG found additional opportunities to strengthen the CFPB’s internal control environment during acquisition planning, improve contract file documentation, better use performance goals, and improve communication with program offices during the acquisition process. The report includes several recommendations to address these findings.