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CFPB Report: 2013-AE-C-011 August 26, 2013

Opportunities Exist to Enhance the CFPB's Policies, Procedures, and Monitoring Activities for Conferences

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Other Matter for Management's Consideration

During our review, we identified that the CFPB does not have a central tracking mechanism for agency-sponsored and nonsponsored conferences. This issue was also highlighted in the CFO Internal Review Team's report, CFO Review of Conference and Meeting Activities: Internal Control Review of Conferences, Events, and Meetings Identified Opportunities for Improvement, dated September 5, 2012. Because the CFPB does not have a central tracking system, we could not conduct completeness testing for confirmation of the number of conferences and the corresponding amounts reported by the CFPB. The CFPB is currently drafting a Conference Approval and Post Evaluation Policy to address the recommendations made in the CFPB internal review report, including enhanced monitoring of conference activities. Because this policy has not been finalized, we were unable to conduct related testing.