Internal controls (31 - 40 of 72 items)
Follow-Up on GAO Recommendations Concerning the Securities Investor Protection Corporation
GAO-04-848R: Published: Jul 9, 2004. Publicly Released: Aug 9, 2004.
This letter responds to a Congressional request that GAO report on the status of our recommendations relating to the Securities and Exchange Commission's (SEC) oversight of the Securities Investor Protection Corporation (SIPC) and investor education. As requested, this letter also includes information on SIPC's progress in implementing SEC's recommendations from its January 2003 examination of SIP...
Better Information Sharing Among Financial Services Regulators Could Improve Protections for Consumers
GAO-04-882R: Published: Jun 29, 2004. Publicly Released: Jul 29, 2004.
GAO has long held the position that financial regulators can benefit from improved information sharing. As regulators are faced with the challenges of overseeing a myriad of financial products, along with the individuals and organizations that develop and sell them, information sharing among regulators serves as a key defense against fraud and market abuses. However, our system of financial regula...
Securities Markets: Opportunities Exist to Enhance Investor Confidence and Improve Listing Program Oversight
GAO-04-75: Published: Apr 8, 2004. Publicly Released: May 11, 2004.
The equity listing standards of the three largest U.S. securities markets--the American Stock Exchange (Amex), the Nasdaq Stock Market, Inc. (NASDAQ), and the New York Stock Exchange (NYSE)--have received heightened attention as part of efforts to restore investor confidence following the 2001 terrorist attacks and the unexpected corporate failures beginning that year. GAO was asked to discuss (1)...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2003 and 2002 Financial Statements
GAO-04-429: Published: Feb 13, 2004. Publicly Released: Feb 13, 2004.
GAO is required to annually audit the financial statements of the Bank Insurance Fund (BIF), Savings Association Insurance Fund (SAIF), and FSLIC Resolution Fund (FRF), which are administered by the Federal Deposit Insurance Corporation (FDIC). GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for BIF, SAIF, and FRF, are presented fairly in all materia...
Government-Sponsored Enterprises: A Framework for Strengthening GSE Governance and Oversight
GAO-04-269T: Published: Feb 10, 2004. Publicly Released: Feb 10, 2004.
Congress established government sponsored enterprises (GSE)-- such as Fannie Mae, Freddie Mac, the FHLBank System, and the Farm Credit System--to facilitate the development of mortgage and agricultural lending in the United States. Although the federal government does not explicitly guarantee the GSEs' approximately $4.4 trillion in financial obligations, the potential exists that the government w...
SEC and CFTC Fines Follow-Up: Collection Programs Are Improving, but Further Steps Are Warranted
GAO-03-795: Published: Jul 15, 2003. Publicly Released: Aug 14, 2003.
Collecting fines ordered for violations of securities and futures laws helps ensure that violators are held accountable for their offenses and may also deter future violations. The requesters asked GAO to evaluate the actions the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have taken to address earlier recommendations for improving their collection prog...
Securities Investor Protection: Update on Matters Related to the Securities Investor Protection Corporation
GAO-03-811: Published: Jul 11, 2003. Publicly Released: Aug 11, 2003.
As result of ongoing concerns about the adequacy of disclosures provided to investors about the Securities Investor Protection Corporation (SIPC) and investors' responsibilities to protect their investments, GAO issued a report in 2001 entitled Securities Investor Protection: Steps Needed to Better Disclose SIPC Policies to Investors (GAO-01-653). GAO was asked to determine the status of recommend...
Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges
GAO-03-138: Published: Oct 4, 2002. Publicly Released: Oct 23, 2002.
A number of well-publicized announcements about financial statement restatements by large, well-known public companies have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Industry officials and academics have speculated that several fa...
SEC Enforcement: More Actions Needed to Improve Oversight of Disgorgement Collections
GAO-02-771: Published: Jul 12, 2002. Publicly Released: Jul 24, 2002.
Every year investors lose money to individuals and corporations that violate federal securities laws. One mission of the Securities and Exchange Commission (SEC) is to deter such violations and return lost funds to investors. SEC's primary tool is the disgorgement order, which requires violators to give up money obtained through securities law violations. In order for disgorgement to succeed, SEC...
Regulatory Initiatives of the National Association of Insurance Commissioners
GAO-01-885R: Published: Jul 6, 2001. Publicly Released: Aug 6, 2001.
Efforts by the National Association of Insurance Commissioners (NAIC) to promote sound and uniform regulatory processes across the states are being put to the test as pressure builds from both the 1999 Gramm-Leach-Bliley Act and competitive forces for more efficient and streamlined insurance regulatory processes. One factor affecting the ultimate success of these efforts is the level of confidence...