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GAO-17-158R 1 (2016-11-15)

handle is hein.gao/gaobaakjg0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 15, 2016 The Honorable Mary Jo White Chair United States Securities and Exchange Commission Financial Audit: Securities and Exchange Commission's Fiscal Years 2016 and 2015 Financial Statements Dear Ms. White: This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2016 and 2015 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 2016 Agency Financial Report. As discussed more fully in the auditor's report that begins on page 62 of the enclosed agency financial report, we found * the financial statements of SEC and its IPF as of and for the fiscal years ended September 30, 2016, and 2015, 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 for IPF as of September 30, 2016; and * no reportable noncompliance for fiscal year 2016 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 section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), requires SEC to annually submit a complete set of audited financial statements for IPF to Congress.3 In accordance with the authority conferred by the Chief Financial Officers Act of 1990, as amended by the Government 1IPF was established in 2010 by section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to fund the activities of SEC's whistleblower award program and the SEC Office of Inspector General Employee Suggestion Program established under section 966 of the Dodd-Frank Act. IPF is a separate SEC fund, and its financial statements present SEC's financial activity associated with its whistleblower and Inspector General employee suggestion programs. Accordingly, IPF's financial transactions are also included in SEC's overall financial statements. Pub. L. No. 111-203, § 922(a), 124 Stat. 1376, 1844 (July 21,2010), classified at 15 U.S.C. § 78u-6(g). 2pub. L. No. 107-289, § 2, 116 Stat. 2049-50 (Nov. 7, 2002), amending 31 U.S.C. § 3515. 3Dodd-Frank Act, § 922(g)(5), 124 Stat. 1844 (July 21, 2010), adding § 21 F(g)(5) of the Securities Exchange Act of 1934, classified at 15 U.S.C. § 78u-6(g)(5). GAO-1 7-158R SEC's Financial Statements for Fiscal Years 2016 and 2015 Page 1

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