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GAO Faults SEC for Internal Control Deficiencies

Joe Mont | November 17, 2014

The message from the Government Accountability Office to the Securities and Exchange Commission: practice what you preach. A new, 176-page report from the government watchdog faults the agency for “a significant deficiency" in its internal controls over financial reporting.

The GAO auditor’s report evaluated fiscal year 2013 and 2014 financial statements filed by the SEC and its Investor Protection Fund. As part of the SEC’s whistleblower program, rewards are draw from the IPF for tipsters who provide actionable information that assists an enforcement action. On a positive note, the report says, financial statements were “presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles.” During the fiscal year 2014 audit, however, GAO auditors identified both continuing and new deficiencies in the SEC’s internal control...

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