WASHINGTON — The Consumer Financial Protection Bureau received a clean bill of health from the Government Accountability Office in its first annual report of the bureau's finances.

The report, released Tuesday, found that the bureau's financial statements were "fairly presented in all material respects" and that CFPB "had effective internal control over financial reporting" as of Sept. 30. It also found "no reportable instances of noncompliance" with the laws and regulations tested.

GAO noted that while the bureau began operations in 2010, 2011 was its first full years of operations and the first year for which it prepared financial statements, so there was no comparative information for the prior year.

There were some deficiencies involving internal controls that were "less significant than a material weakness," the report found, but those problems will be addressed separately with CFPB management. GAO did not make any recommendations in the report.

Senate Banking Committee Chairman Tim Johnson praised the bureau for its high marks on its first annual financial audit, which is required by the Dodd-Frank Act.

"It is no surprise that this new agency that is responsible for looking out for consumer's financial interests is leading by example with its own finances," Johnson said in a statement Tuesday night. "This clean financial audit — a high standard to meet for any Federal agency — is yet another example of the agency's full accountability to the consumers it was established to protect."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.