Financial Audit:

Securities and Exchange Commission Fiscal Years 2012 and 2011 Financial Statements

GAO-13-122R: Published: Nov 15, 2012. Publicly Released: Nov 15, 2012.

Additional Materials:


James R. Dalkin
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What GAO Found

GAO found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Securities and Exchange Commission (SEC) maintained, in all material respects, effective internal control over financial reporting as of September 30, 2012, although internal control deficiencies exist that merit attention by those charged with governance; and (3) no reportable noncompliance in fiscal year 2012 with provisions of laws and regulations GAO tested.

Why GAO Did This Study

The Accountability of Tax Dollars Act of 2002 requires that SEC annually prepare and submit audited financial statements to Congress and the Office of Management and Budget. The Securities Exchange Act of 1934, as amended in 2010 by 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 its Investor Protection Fund (IPF) to Congress. GAO agreed, under its audit authority, to audit SEC’s and IPF’s financial statements. Section 963 of the Dodd-Frank Act further requires that (1) SEC annually submit a report to Congress describing management’s responsibility for internal control over financial reporting and for assessing the effectiveness of such internal control during the fiscal year; (2) the SEC Chairman and Chief Financial Officer attest to SEC’s report; and (3) GAO attest to and report on the assessment made by SEC. Accordingly, this report also includes GAO’s reporting in response to the requirement under the Dodd-Frank Act.

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