CFPB Report: December 17, 2015
The Office of Inspector General (OIG) has conducted a risk assessment of the Consumer Financial Protection Bureau's (CFPB) purchase card program to determine the frequency and scope of future audits. 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. As a result, we will not include an audit of the CFPB's purchase card program in the OIG's 2016 annual audit 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 the program 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.
