ABSTRACT

Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures   [open pdf - 889KB]

During the Government Accountability Office (GAO)'s audit of the Security and Exchange Commission (SEC)'s fiscal year 2014 financial statements, GAO identified continuing and new deficiencies in SEC's financial reporting controls over its accounting for disgorgement and penalty transactions, which contributed to a significant deficiency in SEC's internal control over financial reporting as of September 30, 2014. In addition to this significant deficiency, GAO's fiscal year 2014 financial audit identified other new deficiencies in SEC's internal control over financial reporting that while not considered to be material weaknesses or significant deficiencies, either individually or collectively, nonetheless warrant SEC management's attention. The recommendations provided in this report will help improve SEC's internal control over financial reporting. In addition, this report provides summary information on the status of SEC's actions to address the open recommendations from prior GAO reports. GAO is making 13 new recommendations to address deficiencies in SEC's controls over financial reporting. The SEC Chair stated that SEC is working diligently to address the findings and recommendations contained in the report and that SEC remains committed to investing the time and resources necessary to maintain strong internal controls over financial reporting.

Report Number:
GAO-15-387R
Publisher:
Date:
2015-04-30
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: http://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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