In an exchange of correspondence, where the irony couldn't have been not lost on any of the authors, the Government Accountability Office offered 14 recommendations to improve the internal controls of the Securities and Exchange Commission.
The suggestions are specifically pointed to addressing weaknesses within the SEC's accounting and financial reporting procedures -- the same functions the SEC regulates for public company investors.
The GAO issued its report on the SEC's financial statements for both the 2004 and 2005 fiscal years last November, and also addressed the agency's internal controls as of Sept. 30. That report concluded that many of the material weaknesses at the SEC had carried over from the statements for the 2004 fiscal year. In January, t he GAO said that the SEC had addressed 13 of its original 34 recommendations as of January.
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