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SEC fails Audit


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While the GAO did credit the SEC with producing statements that were "fairly stated in all material respects," it flagged "six significant deficiencies" for FY 2008 and 2009.


The six areas are:

• information security;

• financial reporting process;

• fund balance with Treasury;

• registrant deposits;

• budgetary resources;

• risk assessment and monitoring progress.



Those deficiencies don't seem to allow for a "fairly stated in all material respects" opinion.

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