The Securities and Exchange Commission received a clean audit opinion on its 2009 and 2010 financial statements but more criticism for its internal control over financial reporting from the Government Accountability Office.
In its latest report on the SEC’s financial statements, the GAO said the SEC did not maintain effective internal control as of its September 30, 2010, fiscal year end as a result of material weaknesses in its financial reporting and accounting processes. In fact, the GAO notes, the SEC has struggled with its internal controls since it began preparing financial statements in 2004 under the Accountability of Tax Dollars Act of 2002.
