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CFPB independent audit of selected operations and budget, fiscal year 2013

In accordance with the Dodd-Frank Act, the CFPB orders an annual independent audit of the operations and budget of the Bureau. The purpose of this 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, conducted by KPMG, L.L.P., reviewed: (1) the CFPB intra-agency and inter-agency coordination process for the CFPB student loan initiatives relative to leading practices; (2) the CFPB contracting officer’s representative (COR) function in relation to CFPB policies and the Federal Acquisition Regulation (FAR); (3) the CFPB budget process relative to the CFPB policies and procedures established over budget formulation, execution, and monitoring; (4) and the corrective actions taken to resolve the findings included in CFPB’s 2012 Independent Audit of Operations and Budget, completed by ASR Analytics in November 2012.

Full report

Independent audit of selected operations and budget, fiscal year 2013