An outside audit has revealed that the Securities and Exchange Commission's record-keeping system of contracts with outside vendors is riddled with "significant risk areas" within the regulator's acquisitions office.

According to reports, an audit conducted by an outside firm found that the SEC's acquisitions office failed to maintain accurate records on its contract and procurement activities, and reported data that was inaccurate to the federal procurement database.

In one glaring example, the regulator could not supply the auditor with data about all of the contracting activities from the SEC's regional offices.

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