Problems found in 2004 remained through 2005, but no regulatory compliance issues were uncovered
Most of the internal control weaknesses that the Government Accountability Office cited the SEC for in 2004 persisted through 2005.
Inaccurate data and material internal control weaknesses concerning financial statements, disgorgements, penalties, and data security were among the problems cited. Internal processes were largely manual.
However, there were no instances of noncompliance with laws and regulations.
The SEC made various efforts to address the issues during the year, but the same problems surfaced.
Source: IT Compliance Institute
