GAO Issues Report on SEC Financial Statements for FY 2013 and 2014

The Government Accountability Office ("GAO") issued a report detailing the results of its audits of the financial statements of the SEC and its Investor Protection Fund ("IPF") for fiscal years 2013 and 2014.

The report found, among other things, that:

• the SEC and IPF's financial statements were presented fairly and in accordance with U.S. generally accepted accounting principles;
• the SEC maintained effective internal control over financial reporting for the SEC and IPF as of September 30, 2014; and
• the GAO found no reportable noncompliance in fiscal year 2014 with provisions of applicable laws, regulations, contracts and grant agreements tested by the GAO.