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GAO-10-443R 1 (2010-03-31)

handle is hein.gao/gaobaanrs0001 and id is 1 raw text is: i ~G AO0 . A~countakbity I Integrity * Reliability United States Government Accountability Office Washington, DC 20548 March 31, 2010 The Honorable Mary L. Schapiro Chairman U.S. Securities and Exchange Commission Subject: Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures Dear Ms. Schapiro: On November 16, 2009, we issued our opinion on the U.S. Securities and Exchange Commission's (SEC) fiscal years 2009 and 2008 financial statements. We also issued our opinion on the effectiveness of SEC's internal controls over financial reporting as of September 30, 2009, and our evaluation of SEC's compliance with selected provisions of laws and regulations during fiscal year 2009.' The purpose of this report is to present (1) our recommendations related to the significant deficiencies we reported and discussed in our opinion report;2 (2) less significant internal control issues we identified during our fiscal year 2009 audit of SEC's internal controls and accounting procedures, along with our related recommended corrective actions; (3) the status of the recommendations reported as open in our April 2, 2009, management report3 (see enclosure I), and (4) the status of the security weaknesses in information systems controls at SEC that we identified in public and Limited Official Use Only reports issued in 2005, 2007, 2008, and 2009,4 (see enclosure II) that were unresolved at the time of our March 16, 2009, information security reports.5 'GAO, Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Years 2009 and 2008, GAO-10-250 (Washington, D.C.: Nov. 16, 2009). 2The significant deficiencies are detailed in Appendix I: Material Weaknesses of GAO-10-250. These weaknesses collectively resulted in a material weakness over SEC's financial reporting. 3GAO, Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures, GAO-09-376R (Washington, D.C.: Apr. 2, 2009). 4GAO, Information Security: Securities and Exchange Commission Needs to Address Weak Controls over Financial and Sensitive Data, GAO-05-262 (Washington, D.C.: Mar. 23, 2005); GAO, LIMITED OFFICIAL USE ONLY Information Security: Securities and Exchange Commission Needs to Address Weak Controls over Financial and Sensitive Data, GAO-05-263SU (Washington, D.C.: Mar. 23, 2005); GAO, Information Security: Securities and Exchange Commission Needs to Continue to Improve Its Program, GAO-06-408 (Washington, D.C.: Mar. 31, 2006); GAO, LIMITED OFFICIAL USE ONLY Information Security: Securities and Exchange Commission Needs to Continue to Improve Its Program, GAO-06-407SU (Washington, D.C.: Mar. 31, 2006); GAO, GAO-10-443R SEC Management Report

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