Whole Network Most Recent TOP10 Accounting Compliance Ethics SOX

 

SEC's bad report card

Filed in archive Compliance by leon on April 26, 2006

SEC's bad report card
The irony is just too much. The Government Accountability Office has found that material weaknesses in the Securities and Exchange Commission's internal controls identified in an audit of the SEC's 2004 financial statement, were still there when the government-watchdog audited the SEC's 2005 results. The damning report pulls no punches.

"Key causes of material weakness in SEC's financial statement preparation and reporting processes are that SEC did not have (1) finalized, written, comprehensive policies and procedures for several significant accounts and processes; (2) an adequate audit trail between the financial statements, the general ledger, and supporting subsidiary schedules; and (3) an integrated system for disgorgement and penalty transactions."

All up, the SEC which is in charge of enforcing standards for financial reportinglinks by public companies, comes out looking very sloppy. As The Wall Street Journal noted: "If the Securities and Exchange Commission were a company, the SEC might not be happy with itself"


Advertisement


Permalink: SEC's bad report card
Tags: Government  Accountability 

Trackback: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/20859



Advertisement


Advertisement


CW ToolbarInstall
RSSrss   | See all blog subscribe options
Googlegoogle   |   What is RSS?
Yahoo!yahoo
AddthisAddThis Feed Button
BloglinesBloglines
Newsletter

Use our search feature to look for other interesting posts

Just this blog Whole network
Advertisement -
Book yours here..


 
Advertisement
Book yours here.



  • Other blogs in the same channel in the Creative Weblogging Network

Advertisement -
Book yours here..






Advertisement - Book yours here..
 
Tagcloud: Accounting boards of directors Compliance corporate crime corporate governance corporate reputation Ethics events executive pay litigation markets regulators risk shareholder activism SOX Sponsored Blog strategy