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Finance - Investments Sub-forum: Non-Actuarial Personal Finance/Investing

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  #1  
Old 02-07-2011, 06:48 PM
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limabeanactuary limabeanactuary is offline
Mary Pat Campbell
 
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Default SEC can't produce its own financials

http://www.nytimes.com/2011/02/03/bu...3sec.html?_r=2

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If a company’s financial reporting were so bad that its auditor had pointed out significant weaknesses in its accounting for seven years running, the Securities and Exchange Commission would most likely be all over it.

But what if the company were the S.E.C. itself?

Since the commission began producing audited statements in 2004, the Government Accountability Office has faulted its reporting almost every year. Last November, the G.A.O. said that the commission’s books were in such disarray that it had failed at some of the agency’s most fundamental tasks: accurately tracking income from fines, filing fees and the return of ill-gotten profits.

“A reasonable possibility exists that a material misstatement of S.E.C.’s financial statements would not be prevented, or detected and corrected on a timely basis,” the auditor concluded.
I'm rethinking that "work for the SEC" thing.
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Old 02-07-2011, 07:23 PM
Guilty Bystander Guilty Bystander is offline
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Old 02-08-2011, 08:32 AM
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Originally Posted by limabeanactuary View Post
http://www.nytimes.com/2011/02/03/bu...3sec.html?_r=2



I'm rethinking that "work for the SEC" thing.
Maybe the GAO could use you??
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Old 02-08-2011, 10:55 AM
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bureaucracy at its finest
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Old 02-08-2011, 11:36 AM
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Maybe the GAO could use you??
Frank Todisco went there, right?

Anyway, I think working for the GAO would involve being near DC. No thanks.
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