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GAO identifies ‘significant deficiencies’ in CFPB’s financial reporting controls
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The Government Accountability Office provided details on two significant internal control deficiencies it identified during an audit of the Consumer Financial Protection Bureau’s financial statements. The GAO found issues with the bureau’s year-end accrual process that resulted in a net understatement of accounts payable, assets and expenses for fiscal year 2013. The bureau also failed to design controls to ensure accurate and complete recording of its property and equipment transactions, the GAO said. Read on to learn what the GAO said the CFPB should do to address these issues and how the bureau responded.
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