SEC Accounting Procedures Are Deficient: GAO Report

Law360, New York (April 2, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has deficient internal controls and accounting procedures that could affect the accuracy of its annual financial statements, according to a report issued Thursday by the U.S. Government Accountability Office.

Based on an audit of the SEC's fiscal year 2008 financial statements, the report identifies deficiencies in the SEC's internal controls over financial reporting related to its property and equipment, accounting for budgetary resources and information security.

In April 2008, the GAO issued a similar management report based on prior audits...
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