This story appeared in Bank Digest
The Consumer Financial Protection Bureau has issued its "Consumer Financial Protection Bureau Independent Audit of Selected Operations and Budget" for fiscal year 2017, in accordance with the Dodd-Frank Act. The purpose of this annual audit is to provide objective analyses to improve program performance and operations, reduce costs, facilitate decision-making, and contribute to public accountability.
This year's independent audit was conducted by KPMG LLP and evaluated: (1) the CFPB's budget process relative to CFPB policies and procedures established over budget formulation, execution, and monitoring; (2) the CFPB's monitoring and oversight of the interagency agreement with third-party service provider Bureau of Fiscal Service--Administrative Resource Center; and (3) the corrective actions taken to resolve the findings included in the CFPB's FY 2016 "Independent Audit of Selected Operations and Budget," also completed by KPMG.