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In GAO’s audit of  the SEC’s fiscal years 2011 and 2010 financial statements, GAO identified four significant deficiencies in internal control as of September 30, 2011. These significant internal control deficiencies represent continuing deficiencies concerning controls over:

  • information systems,
  • financial reporting and accounting processes,
  • budgetary resources, and
  • registrant deposits and filing fees.

GAO believes these significant control deficiencies may adversely affect the accuracy and completeness of information used and reported by SEC’s management. The GAO made a total of 10 new recommendations to address these continuing significant internal control deficiencies.

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