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GAO-15-166R 1 (2014-11-17)

handle is hein.gao/gaobaaima0001 and id is 1 raw text is: GO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 17, 2014 The Honorable Mary Jo White Chair United States Securities and Exchange Commission Financial Audit: Securities and Exchange Commission's Fiscal Years 2014 and 2013 Financial Statements Dear Ms. White: This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2014 and 2013 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 2014 Agency Financial Report. As discussed more fully in the auditor's report that begins on page 63 of the enclosed agency financial report, we found * the financial statements of SEC and its IPF 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 for SEC and IPF as of September 30, 2014, although internal control deficiencies regarding disgorgements and penalty transactions exist that merit attention by those charged with governance; and * no reportable noncompliance in fiscal year 2014 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 audited SEC's and IPF's financial statements pursuant to our authority conferred by the Chief Financial Officers Act of 1990, as amended by the Government Management and Reform Act of 1994.4 Section 963 of the Dodd-Frank Act further requires that (1) SEC annually submit a report to Congress 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). 4 See the Chief Financial Officers Act of 1990, Pub. L. No. 101-576, 104 Stat. 2838 (Nov. 15, 1990), codified, in relevant part, as amended, at 31 U.S.C. § 3521 (g); see also the Government Management Reform Act of 1994, Pub. L. No. 103-356, 108 Stat. 3410 (Oct. 13, 1994), codified, in relevant part, as amended, at 31 U.S.C. § 3515(c). GAO-1 5-166R SEC's Financial Statements for Fiscal Years 2014 and 2013 Page 1

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