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GAO-14-213R 1 (2013-12-16)

handle is hein.gao/gaobaahmr0001 and id is 1 raw text is: On December 23, 2013, the enclosure was replaced to reflect SEC's correction of certain unaudited information in its agency financial report, as discussed on page 1 of the enclosure. U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 December 16, 2013 The Honorable Mary Jo White Chair United States Securities and Exchange Commission Financial Audit: Securities and Exchange Commission's Fiscal Years 2013 and 2012 Financial Statements Dear Ms. White: This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2013 and 2012 financial statements of the United States Securities and Exchange Commission (SEC) and its Investor Protection Fund (IPF),1 which is incorporated in the enclosed U.S. Securities and Exchange Commission Fiscal Year 2013 Agency Financial Report. As discussed more fully in the auditor's report that begins on page 54 of the enclosed agency financial report, we found * the financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; * SEC maintained, in all material respects, effective internal control over financial reporting as of September 30, 2013, although internal control deficiencies regarding information security exist that merit attention by those charged with governance; and * no reportable noncompliance in fiscal year 2013 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. The Accountability of Tax Dollars Act of 2002 requires that SEC annually prepare and submit audited financial statements to Congress and the Office of Management and Budget.2 The Securities Exchange Act of 1934, as amended in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), requires SEC to annually prepare and submit a complete set of audited financial statements for IPF to Congress.3 We agreed, under our audit authority, to audit SEC's and IPF's financial statements. Section 963 of the Dodd-Frank Act further requires that (1) SEC annually submit a report to Congress describing management's responsibility for internal control over financial reporting and for assessing the effectiveness of 1IPF was established in 2010 by section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to fund the activities of SEC's whistleblower award program and the SEC Office of Inspector General suggestion program. IPF is a separate SEC fund and its financial statements present SEC's financial activity associated with its whistleblower and Inspector General suggestion programs. Accordingly, IPF's financial transactions are also included in SEC's overall financial statements. 231 U.S.C. § 3515. 3Section 21 F(g)(5) of the Securities Exchange Act of 1934, 15 U.S.C. § 78u-6(g)(5). GAO-14-213R SEC's Financial Statements for Fiscal Years 2013 and 2012 Page 1

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