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CFPB Report:  December 23, 2014

Fiscal Year 2014 Risk Assessment of the CFPB’s Purchase Card and Travel Card Programs

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The Office of Inspector General (OIG) has conducted a risk assessment of the Consumer Financial Protection Bureau’s (CFPB) purchase card and travel card programs to determine the frequency and scope of future audits of these programs. This fiscal year 2014 risk assessment is the OIG’s first risk assessment of the CFPB’s purchase card and travel card programs. The results of the risk assessment show that the risk of illegal, improper, or erroneous use in the CFPB’s purchase card program is low and the risk level for the travel card program is medium. As a result, we will include an audit of the travel card program in the OIG’s 2015 annual audit plan, and we will not include an audit of the purchase card program in that plan.

The results of the risk assessment should not be interpreted to mean that a lower-risk program is free of illegal, improper, or erroneous use or internal control deficiencies or that a high-risk program is likely to have illegal, improper, or erroneous use. An audit of these programs may identify issues not previously noted in the risk assessment. For instance, the overall risk level for the purchase card program may be assessed as low based on the design of internal controls and the size of the program; however, an audit may find that controls are not working effectively or that illegal, improper, or erroneous activity has taken place.