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Financial Audit: Securities and Exchange Commission's Financial Statements for Fiscal Year 2004

GAO-05-244 Published: May 26, 2005. Publicly Released: May 26, 2005.
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Highlights

Established in 1934 to enforce the securities laws and protect investors, the Securities and Exchange Commission (SEC) plays an important role in maintaining the integrity of the U.S. securities markets. Pursuant to the Accountability for Tax Dollars Act of 2002, the SEC is required to prepare and submit to Congress and the Office of Management and Budget audited financial statements. GAO agreed, under its audit authority, to perform the initial audit of SEC's financial statements. GAO's audit was done to determine whether, in all material respects, (1) SEC's fiscal year 2004 financial statements were reliable, (2) SEC's management maintained effective internal control over financial reporting and compliance with laws and regulations, and (3) SEC's management complied with applicable laws and regulations.

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AccountabilityInformation securityAccounting standardsAuditing standardsFinancial managementFinancial recordsFinancial statement auditsFinancial statementsInternal controlsReporting requirementsReports management