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GAO-21-192R 1 (2020-11-16)

handle is hein.gao/gaobaebza0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 16, 2020 The Honorable Jay Clayton Chairman United States Securities and Exchange Commission Financial Audit: Securities and Exchange Commission's FY 2020 and FY 2019 Financial Statements Dear Mr. Clayton: This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2020 and 2019 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 2020 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 of SEC and its IPF as of and for the fiscal years ended September 30, 2020, and 2019, 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, 2020; and no reportable noncompliance for fiscal year 2020 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 prepare and 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 1IPF, which was established in 2010 by section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), funds the activities of SEC's whistleblower award program under that section and the SEC Office of Inspector General Employee Suggestion Program established under section 966 of the Dodd-Frank Act. Pub. L. No. 111-203, §§ 922(a), 966, 124 Stat. 1376, 1844, 1912-13 (July 21, 2010), classified at 15 U.S.C. §§ 78d- 4(e), 78u-6(b), (g). IPF is a separate SEC fund and its financial statements present SEC's financial activity associated with these programs. Accordingly, IPF's financial transactions are also included in SEC's overall financial statements. 2Pub. L. No. 107-289, § 2, 116 Stat. 2049-50 (Nov. 7, 2002), amending 31 U.S.C. § 3515. 3Dodd-Frank Act, § 922(a), 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-21-192R SEC's Financial Statements for FY 2020 and FY 2019 Page 1

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