The Securities and Exchange Commission's 2005 financial statements got a clean bill of health from the Government Accountability Office, after the SEC accelerated its financial reporting schedule to issue the documents.

While the SEC still must resolve three previously identified material weaknesses in its internal controls, Chairman Christopher Cox has said that those problems will be entirely eliminated during the current 2006 fiscal year. The problems involve securing the agency's computers and data, tracking the collection and disbursement of penalties, and putting in place better controls over the actual financial reporting process.

Cox already addressed the SEC's other major accounting issue, nearly $50 million in cost overruns for new offices in Washington, New York and Boston. The SEC revised its 2006 budget to pay for the building projects

The full 2005 fiscal year report is available at .

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access