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GAO-09-376R 1 (2009-04-02)

handle is hein.gao/gaobaanms0001 and id is 1 raw text is: A 0 .,! = Accountability * Integrity Reliability United States Government Accountability Office Washington, DC 20548 April 2, 2009 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 14, 2008, we issued our opinion on the U.S. Securities and Exchange Commission's (SEC) fiscal years 2008 and 2007 financial statements. We also issued our opinion on the effectiveness of SEC's internal control over financial reporting (including safeguarding of assets) and over compliance as of September 30, 2008, and our evaluation of SEC's compliance with selected provisions of laws and regulations during fiscal year 2008.' The purpose of this report is to present issues identified during our fiscal year 2008 audit of SEC's internal controls and accounting procedures and to recommend actions to address these issues. Accordingly, in this report we are making 19 recommendations to SEC to strengthen internal controls and accounting procedures. These recommendations are in addition to 24 remaining recommendations included in prior year audits of SEC's financial statements that still need to be fully addressed. See enclosure I. Results in Brief As part of our audit of SEC's fiscal years 2008 and 2007 financial statements, we identified three significant deficiencies' in internal control, which although not material weaknesses,3 represent deficiencies in the design or operation of internal control that could adversely affect SEC's ability to meet its internal control 'GAO, Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Years 2008 and 2007, GAO-09-173 (Washington, D.C.: Nov. 14, 2008). 2A significant deficiency is a control deficiency, or combination of deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity's financial statements that is more than inconsequential will not be prevented or detected. 3A material weakness is a significant deficiency or combination of significant deficiencies that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected. GAO-09-376R SEC Management Report

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