GAO Finds Internal Control Deficiencies At SEC

Law360, New York (April 25, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has not taken steps to remedy problems with internal controls and accounting procedures identified in a 2004 internal audit, according to a recent report by the Government Accountability Office.

“The SEC continues to face the same material weaknesses in internal control that we reported as part of our audit of the SEC’s fiscal year 2004 financial statements … these matters remain material weaknesses as of September 30, 2005, and therefore, increase the risk that misstatements material in relation to the...
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