Category: To Congress
Consumer Financial Protection Bureau Independent Audit of Selected Operations and Budget
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. Fiscal Year 2020’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; and (2) corrective actions taken to resolve the finding and recommendations included in the Bureau’s 2019 Independent Audit of Selected Operations and Budget.