GAO to SEC:Improve Your Controls

The Government Accountability Office has asserted that the Securities and Exchange Commission did not main- tain effective internal control over financial reporting as of the end of its September 2005 fiscal year. The congressional watchdog agency cited continued ma- terial internal-control weaknesses in the areas of prepar- ing financial statements and related disclosures, record- ing and reporting disgorgements and penalties,and information security.The GAO added that it would rec- ommend corrective ac...