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GAO-13-122R 1 (2012-11-15)

handle is hein.gao/gaobacgrf0001 and id is 1 raw text is: jGAO Accountablty *Integrity * Reliability United States Government Accountability Office Washington, DC 20548 November 15, 2012 The Honorable Mary Schapiro Chairman United States Securities and Exchange Commission Subject: Financial Audit: Securities and Exchange Commission Fiscal Years 2012 and 2011 Financial Statements Dear Ms. Schapiro: This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2012 and 2011 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 2012 Agency Financial Report. As discussed more fully in the auditor's report that begins on page 50 of the enclosed Agency Financial Report, we found * the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; * SEC maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012, although internal control deficiencies exist that merit attention by those charged with governance; and * no reportable noncompliance in fiscal year 2012 with provisions of laws and regulations 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 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. 2 31 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-1 3-122R SEC's Fiscal Years 2012 and 2011 Financial Statements Page 1

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