CFTC Watchdog Fails Auditing Peer Review

Law360, New York (April 22, 2011, 8:18 PM EDT) -- The office serving as watchdog over the U.S. Commodity Futures Trading Commission has received a failing grade in a government-mandated peer review for failing to meet auditing standards for government-contracted work, according to a report made available in mid-April.

The CFTC’s Office of the Inspector General, headed by A. Roy Lavik, failed to design a proper system of quality control “to ensure work is planned, performed and reported in accordance with Generally Accepted Government Auditing Standards,” according to a report prepared by Lavik’s counterpart at the...
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