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WSJ: SEC's Own Accounting Requires Tightening, Internal Audit Says WASHINGTON, July 7, 2003 (Wall Street Journal/FT Information via COMTEX) An internal audit by consulting firm Cotton & Co. reveals that the Securities and Exchange Commission last year kept "inappropriate balances," improperly booked some expenses and failed to verify the amount of money it had collected in transaction fees. Although the SEC's overall internal controls remain "effective", Cotton & Co. claims the agency's "financial reports are not presented in accordance with applicable federal accounting requirements." A SEC spokesman says the agency is working with consultants and spending around $500,000 to address the problem. Copyright 2003: Financial Times Information. All rights reserved. |
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