The CFPB Can Enhance Its Processes for Storing and Disposing of Its IT Asset Inventory

In 2024, we received a referral that the CFPB could not account for 74 newly purchased laptops, which it believed were lost or stolen as a result of potential control weaknesses during receiving and inventorying.

Our audit activities revealed that the CFPB established and followed internal controls that addressed many of those weaknesses. However, the agency still maintains a large inventory of aging, unassigned IT assets and has not established processes to effectively manage the storage or reduction of its inventory. Systematically organizing and better managing the reduction of IT assets will help to limit the risk of loss or theft, save space and time, and protect agency data.