|
|
22 Nov 2007
Weaknesses have been detected in the US regulator's internal controls, the Government Accountability Office has said in a report.
The Securities and Exchange Commission's statements for 2006-2007 were audited by the GAO, which found that the regulator did not have effective internal control over its financial reporting as of September 30, 2007.
Problems were also found with the SEC's period-end closing process, accounting for transaction fee revenue, and preparation of financial statement disclosures in 2006, WebCPA.com reported.
Other issues that arose related to property and equipment and the SEC's accounting for its budget.
The GAO is expected to make corrective recommendations to the SEC.
Further reading:
SEC Cited Again by Government Auditors for Internal Control Weakness
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment