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GAO-25-107186 1 (2024-11-15)

handle is hein.gao/gaorbk0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 15, 2024 The Honorable Gary Gensler Chair United States Securities and Exchange Commission Financial Audit: Securities and Exchange Commission's FY 2024 and FY 2023 Financial Statements Dear Mr. Gensler: This report transmits the GAO auditor's report on the results of our audits of the fiscal years 2024 and 2023 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's Fiscal Year 2024 Agency Financial Report. As discussed more fully in the auditor's report that begins on page 64 of the enclosed agency financial report, we found * the SEC and IPF financial statements as of and for the fiscal years ended September 30, 2024, and 2023, 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, 2024; and * no reportable noncompliance for fiscal year 2024 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 accounts and associated activities of the commission 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 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 (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, adding § 21 F(g)(5) of the Securities Exchange Act of 1934 (classified at 15 U.S.C. § 78u-6(g)(5)). GAO-25-107186 SEC's Financial Statements for FY 2024 and FY 2023 Page 1

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