The GAO released a report of its audit of the SEC’s fiscal years 2011 and 2010 financial statements. The report identified four significant deficiencies in internal control as of September 30, 2011. These significant deficiencies represent continuing deficiencies concerning internal controls over (1) information systems, (2) financial reporting and accounting processes, (3) budgetary resources, and (4) registrant deposits and filing fees. The GAO warned these deficiencies may adversely affect the accuracy and completeness of information used and reported by SEC’s management.
Read a summary of the report.
Read the full report.