As it continues to police public company financial reporting, the Securities and Exchange Commission has demonstrated once again that it can’t get effective control over its own financial reporting.
In its latest report on SEC financial statements, the U.S. Government Accountability Office said the SEC’s 2008 and 2009 financial statements are fairly stated, and the government auditor found no problems with SEC’s compliance with laws and regulations based on the testing performed. However, GAO says the SEC ended its fiscal year on Sept. 30 with ineffective internal control over financial reporting, a now recurring theme since the SEC was first required in 2002 to submit audited financial statements to Congress and the Office of Management and Budget.
