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.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
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If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day