On November 15, the GAO released is annual review of the CFPB’s financial statements. The GAO report (GAO-17-138R) found: (i) that the CFPB’s financial statements were presented fairly and in accordance with generally accepted accounting principles; (ii) although internal controls could be improved, the CFPB maintained effective internal controls over financial reporting as of September 30, 2016; and (iii) no reportable noncompliance for fiscal year 2016 with provisions of applicable laws, regulations, contracts, and grant agreements the GAO tested. The GAO did identify a continuing significant deficiency in internal controls over accounting for property, equipment, and software, but also noted that the CFPB has made progress in correcting the deficiency, which was first identified in the previous year’s report.

Commenting on the report, the CFPB stated that “it was pleased to receive an unmodified audit opinion on its fiscal years 2016 and 2015 financial statements.” The CFPB further concurred with the significant deficiency over accounting for its property, equipment, and software that GAO reported, and added that “it will continue to work to enhance its system of internal control and ensure the reliability of CFPB’s financial reporting.”