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GAO-24-106578 1 (2023-11-15)

handle is hein.gao/gaopkb0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 15, 2023 The Honorable Gary Gensler Chair United States Securities and Exchange Commission Financial Audit: Securities and Exchange Commission's FY 2023 and FY 2022 Financial Statements Dear Mr. Gensler: This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2023 and 2022 financial statements of the United States Securities and Exchange Commission (SEC) and its Investor Protection Fund (IPF),' which is incorporated in the enclosed U.S. Securities and Exchange Commission's Fiscal Year 2023 Agency Financial Report. As discussed more fully in the auditor's report that begins on page 58 of the enclosed agency financial report, we found the SEC and IPF financial statements as of and for the fiscal years ended September 30, 2023, and 2022, 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, 2023; and no reportable noncompliance for fiscal year 2023 with provisions of applicable laws, regulations, contracts, and grant agreements we tested. SEC is required by law to annually prepare and submit audited financial statements covering all of its accounts and associated activities to Congress and the Office of Management and Budget.2 Further, 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 our authority to audit statements and schedules prepared by 1IPF was established in 2010 by section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). IPF funds the activities of SEC's whistleblower award program and the SEC Office of Inspector General Employee Suggestion Program established under sections 922 and 966 of the Dodd-Frank Act, respectively. Pub. L. No- 111-203, §§ 922(a), 966, 124 Stat. 1376, 1844, 1912-13 (July 21, 2010) classified at 15 U.S.C. §§ 78d4(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. 231 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-24-106578 SEC's Financial Statements for FY 2023 and FY 2022 Page 1

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