Pursuant to the Accountability of Tax Dollars Act of 2002, the United States Securities and Exchange Commission (SEC) is required to prepare and submit to Congress and the Office of Management and Budget audited financial statements. GAO, under its audit authority, audited SEC's financial statements to determine whether (1) the financial statements are fairly stated, and (2) SEC management maintained effective internal control over financial reporting. GAO also tested SEC's compliance with selected provisions of significant laws and regulations. In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, GAO also reported on SEC's assessment of its internal control over financial reporting.
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