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,
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.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process