Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures
DIANE Publishing, 2009 - 29 pages
On Nov. 14, 2008, an opinion was issued on the SEC┐s FY '08 and '07 financial statements. Also, an opinion was issued on the effectiveness of SEC┐s internal control over financial reporting (incl. safeguarding of assets) and over compliance as of Sept. 30, 2008, and an evaluation of SEC┐s compliance with selected provisions of laws and reg┐s. during FY '08. This report presents issues identified during a FY '08 audit of SEC┐s internal controls and accounting procedures and recommends actions to address these issues. This report makes 19 recommend. to strengthen internal controls and accounting procedures. These recommend. are in addition to 24 recommend. included in prior year audits of SEC┐s financial statements that still need to be fully addressed.
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25 debt list accepted accounting principles accounting entries actions to improve adjusting entries allowance for loss area/recommendation Closed Open assets Audit area/recommendation Closed budgetary resources Chairman take Consistent with Standards Develop and implement disgorgement and penalty ensure equipment purchases Establish and implement exchange revenues federal employee costs financial reporting FINRA fiscal year 2008 FOIA fees following action funds GAAP identified implement controls implement procedures improve SEC’s incorrect posting configurations internal control deficiencies June 30 ledger account ledger closing process management’s million OCIE inspection results offsetting collections penalty accounts receivable penalty activities penalty transactions personnel actions prior audits property and equipment Quicktime receivable balance recommendation Audit area/recommendation Recommendation We recommend recording disgorgement SEC Chairman SEC’s accounting SEC’s general ledger SEC’s process SEC’s written guidance September 30 significant deficiencies spreadsheet Standards for Internal Status of recommendation supervisory review take the following top 25 debt U.S. generally accepted U.S. Treasury undelivered orders