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Audit of the Consumer Product Safety Commission's Fiscal Year 2025 Financial Statements

Date Issued
Report Number
26-A-01
Report Type
Audit
Number of Recommendations
5
Description
The U.S. Consumer Product Safety Commission (CPSC) OIG retained KPMG, LLP (KPMG), an independent public accounting firm, to perform the independent audit of the CPSC’s financial statements for fiscal year (FY) 2025 in accordance with auditing standards generally accepted in the United States.  This report is contained in the CPSC’s Annual Financial Report which also contains the complete set of financial statements, management’s discussion and analysis, and required supplementary and other information.  KPMG found that the CPSC received a qualified or clean opinion.  However, the agency was found to have two material weaknesses, first identified in FY 2023; and one significant deficiency.
Questioned Costs
$0
Funds for Better Use
$2400000
View report on Oversight.gov
Download a PDF of this Report

Open Recommendations

Update policies, and procedures related to monitoring and oversight of internal controls related to journal entries, to ensure internal consistency with, and clear definition of, those journal entries that are processed by the service provider; and to define the required documentation to be maintained to evidence CPSC reviews of journal entries.

ML - 1: Design and implement a control to identify, analyze, and respond to risks related to the validity of open obligations.

ML - 2: Establish procedures and recurring communication with the appropriate stakeholders to assist in the identification and de-obligation of stale undelivered orders.

ML - 3: Design a control to identify, analyze, and respond to risks related to the reporting of leases.

ML - 4: Establish recurring communication with the appropriate stakeholders.