SEC Needs To Fix Internal Control Problems: GAO

Law360, New York (March 31, 2010, 7:12 PM EDT) -- The U.S. Government Accountability Office said Wednesday that the U.S. Securities and Exchange Commission needed to make a number of improvements to alleviate weaknesses in its internal controls over financial reporting, particularly in the area of information security.

The SEC has significant deficiencies in information security controls over key financial reporting systems, its financial reporting processes and budgetary resources transactions, among other things, the government watchdog said.

The GAO report chronicled deficiencies identified during its financial statement audit of the SEC for fiscal years 2008 and...
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