CFPB Issues Annual Audit

April 18, 2018

On Wednesday, April 18, 2018, the CFPB released their independent audit, facilitated by KPMG LLP, which covers the period from July 18, 2017 to February 28, 2018.  KPMG evaluated the CFPB’s budget process relative to its priorities and procedures established over budget formulation, execution, and monitoring; monitoring and oversight of the interagency agreement with the Bureau of Fiscal Service; and corrective actions taken to resolve the findings and recommendations included in the CFPB’s 2016 Independent Audit of Selected Operations and Budget. In the Audit, KPMG recommends the Bureau:

  • Identify potential further actions needed based on the analysis of open travel obligations more than one year old;
  • Identify potential further actions needed based on the analysis of open obligations with periods of performance that have been expired for more than one year;
  • Enforce program manager follow up activities to help ensure all contract information needed to de-obligate is obtained promptly during the obligation review process; and
  • Consider updating current policies and procedures over contract closeout to provide CORs with additional guidance to initiate quick closeout procedures when appropriate, to reduce administrative costs and to enable the timely de-obligation of excess funds.