PracticeAuditSEC has ‘weak internal controls’

SEC has 'weak internal controls'

The SEC does not have effective internal control, the US Government Accoutability Office says

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

Related Articles

KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

6d Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2w Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

3w Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

3w Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

2m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

2m Alia Shoaib, Reporter
Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

Audit Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

2m Alia Shoaib, Reporter
Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

Audit Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

2m Alia Shoaib, Reporter