GAO has called on the Securities and Exchange Commission to provide training for all appropriate employees on entering and processing transactions related to property and equipment purchases in the new property and equipment system.
It said that as part of its audit of the agency’s fiscal 2007 and 2008 financial statements it identified deficiencies in the design or operation of internal control regarding controls over information security, property and equipment, and accounting for budgetary resources.
GAO also identified other internal control issues that, although not considered material weaknesses or significant deficiencies, warrant SEC management’s consideration.
According to GAO-09-376R, those include documenting accounting procedures, reviewing accounting entries, reporting Freedom of Information Act fees, and adding footnote disclosure for disgorgement and penalty activities.
