SEC lacks internal accounting controls - watchdog

The U.S. Securities and Exchange Commission, which polices public companies’ financial reports, lacks internal controls over its own accounting, a government watchdog said Thursday.

Bloomberg News reports that the SEC in fiscal 2014 didn’t have proper systems in place to account for money the regulator had seized from fraudsters or its inventory of property and equipment, James R. Dalkin, director of the GAO’s office of financial management and assurance, said in a letter to SEC Chair Mary Jo White discussing the findings of an audit.

The GAO also said that the agency -- which houses reams of confidential information ranging from investigative documents to data on private funds -- was vulnerable to cyberattacks. Of six SEC network devices the GAO reviewed, each had insufficient passwords that were susceptible to guessing.

To access the complete Bloomberg News article hit the link below:

SEC Lacks Accounting Controls It Seeks in Others, GAO Says

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