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SEC Improves Internal Controls

According to a recent Government Accountability Office (“GAO”) report, the Securities and Exchange Commission’s (“SEC”) internal controls are improving. In fiscal 2015, only six of the SEC’s 58 internal supervisory controls tested had deficiencies. Comparative to the GAO’s 2013 review, the six deficiencies mark a significant reduction from the 27 flaws identified in fiscal 2011. The GAO noted that none of the flaws are likely to inhibit the SEC from ensuring their divisions and offices carry out actions accordingly. Specifically, the watchdog agency found two flaws without clear control activities, three that showed a major element did not align with. Read More.

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SEC’s 2016 Examination Priorities Announced

As part of its priorities for this year, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) plans to concentrate on existing initiatives and new areas of focus. Announced on January 11th , the OCIE’s 2016 priorities include continuing to protect investors in various risk areas like cybersecurity and fee selection. As for new focus areas, the OCIE will address matters concerning liquidity controls, public pension advisers, product promotion, exchange-traded funds and variable annuities.

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SEC Announces Initiative to Evaluate Municipal Advisors

In a press release Tuesday, the Securities and Exchange Commission (“SEC”) announced the start of its Office of Compliance Inspections and Examinations’ (“the Office”) exam initiative for newly regulated municipal advisors. As part of the initiative, the Office will review municipal advisors in areas like compliance with fiduciary duty to municipal entity clients, books and recordkeeping responsibilities, fair dealing and disclosure. The examinations are planned to take place over the next two years. To view the press release , visit the SEC website. Also discover how Cherry Bekaert can assist with SEC Audit services .

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