CFPB Independent Audit of Selected Operations and Budget, Fiscal Year 2014
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., evaluated: (1) CFPB’s budget process relative to CFPB policies and procedures established over budget formulation, execution, and monitoring; (2) the Civil Penalty Fund (CPF) relative to applicable provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and CFPB policies and procedures established to administer the CPF; (3) CFPB’s records management function relative to applicable provisions of 44 U.S.C. Chapter 31, Records Management by Federal Agencies, leading practices established by the National Archives and Records Administration, and CFPB policies and procedures; (4) CFPB’s process for assessing internal control effectiveness relative to the Office of Management and Budget (OMB) Circular No. A-123 (A-123); (5) and the corrective actions taken to resolve the findings included in CFPB’s FY 2013 Independent Audit of Operations and Budget, also completed by KPMG, L.L.P.