GAO: SEC Basically Needs to Replace Their Entire Accounting System

“These material weaknesses are likely to continue to exist until the SEC’s accounting system is either significantly enhanced or replaced, key accounting activity in other systems is fully integrated with the accounting system at the transaction level, information security controls are significantly strengthened, and appropriate resources are dedicated to maintaining effective internal controls.”

~ From a report issued by the Government Accountability Office

“These material weaknesses are likely to continue to exist until the SEC’s accounting system is either significantly enhanced or replaced, key accounting activity in other systems is fully integrated with the accounting system at the transaction level, information security controls are significantly strengthened, and appropriate resources are dedicated to maintaining effective internal controls.”

~ From a report issued by the Government Accountability Office

Related articles

What Price Wrong-Doing? Sanctions Against KPMG Are Complicated

“Sell in May and go away” was an investors’ adage invoked as vacation strategy in a more genteel era. Returns in the summer were said to lag the rest of the year—and in any event, that’s how brokers justified their holiday cottages on the eastern seaboard. This year the maxim has twice failed my attempt […]

The SEC Removed ‘Acting’ From Sagar Teotia’s Job Title

Sagar Teotia is officially your new chief accountant at the SEC, a position he had held in an acting role since Wesley Bricker surprisingly announced he was stepping down as chief accountant in June. Teotia definitely has the chops for the chief accountant office. He had served as deputy chief accountant under Bricker since 2017 […]