OIG says CFPB's purchase card program controls appear to be effective

This story appeared in Bank Digest.                                     

The Office of Inspector General for the Consumer Financial Protection Bureau and the Federal Reserve Board has issued an audit report regarding the controls for the Bureau's purchase card program for the period of April 1, 2017, through June 30, 2018. According to the report, the Bureau developed the purchase card program to support its purchasing needs and to reduce the administrative cost of purchasing small-dollar items.

The OIG found that the Bureau's purchase card program controls appear to be operating effectively to ensure that purchase card use is appropriate and in compliance with applicable laws, regulations, and the Bureau's policies and procedures. In addition, the report said the controls appear to be operating effectively to prevent and detect potentially improper or fraudulent use of purchase cards. The OIG made no recommendations in its report.