Materials weaknesses remain with the Securities and Exchange Commission’s information systems and controls over financial reporting, GAO has said.
It said the weaknesses over information systems, including continuing deficiencies reported in prior audits, spanned both SEC’s general support system and all key SEC financial reporting applications.
The material weakness in financial reporting and accounting processes identified encompassed deficiencies in five areas of SEC’s operations and related reporting.
Those areas are financial reporting process, budgetary resources, registrant deposits, disgorgement and penalties, and required supplementary information.
These material weaknesses may adversely affect the accuracy and completeness of information used and reported by SEC’s management, according to GAO-11-348R.
