The U.S. Government Accountability Office (GAO) released its audit for Consumer Financial Protection Bureau’s (CFPB) fiscal years 2020 and 2021.
The GAO issues an annual audit and opinion on the bureau’s financial statements and on related internal controls. In this year’s report, the GAO found the CFPB’s statements were reliable and the controls over financial reporting effective.
“GAO found the Consumer Financial Protection Bureau’s financial statements as of and for the fiscal years ended Sept. 30, 2021, and 2020, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; CFPB maintained, in all material respects, effective internal control over financial reporting as of Sept. 30, 2021; and no reportable noncompliance for fiscal year 2021 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested,” the GAO stated.
The CFPB stated it was pleased to receive an unmodified audit opinion on its financial statements and its internal control over financial reporting. The bureau also said it will continue to work on its system of internal control and ensure the reliability of its financial reporting.
“I want to acknowledge the hard work and dedication of all bureau employees over the past year to achieve the overall outcomes reflected in this report,” CFPB Director Rohit Chopra wrote in a letter accompanying the report. “The collective efforts of all bureau employees help achieve our goals to serve the public, protect consumers, support responsible businesses, and help safeguard the American economy.”