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During its audit of the CFPB’s fiscal year 2011 financial statements, the GAO identified seven internal control issues that could adversely affect CFPB’s ability to meet its internal control objectives. GAO does not consider these issues to represent material weaknesses or significant deficiencies in relation to the CFPB’s financial statements. Nonetheless, it believes they warrant management’s attention and action. These issues concern necessary controls to ensure:

  • complete and finalized documentation of CFPB’s accounting processes and procedures, in relation to CFPB’s financial statements. Nonetheless, we believe they warrant management’s attention and action. These issues concern necessary controls to ensure
  • an effective internal control assessment process supporting management’s internal control assertion,
  • security over CFPB’s data and information systems,
  • accurate calculation and timely recording of CFPB undelivered orders balances,
  • accurate calculation and timely disbursement of CFPB payroll transactions,
  • proper prior approval of CFPB travel transactions, and
  • timely recording of CFPB prepaid expenses as assets.

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