Consumer Financial Protection Bureau Independent Audit of Selected Operations and Budget, Fiscal Year 2017
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) CFPB’s monitoring and oversight of the interagency agreement with third-party service provider, Bureau of Fiscal Service-Administrative Resource Center; and (3) the corrective actions taken to resolve the findings included in CFPB’s FY 2016 Independent Audit of Selected Operations and Budget, also completed by KPMG, L.L.P.