If The SEC Were A Public Company, It Would Be Fined For Misleading Financial Reporting

From the US Government Accountability Office, "Improvements Needed in SEC's Internal Controls and Accounting Procedures" GAO-12-424R, Apr 13, 2012:

In our [GAO] audit of SEC’s fiscal years 2011 and 2010 financial statements, we identified four significant deficiencies in internal control as of September 30, 2011. These significant internal control deficiencies represent continuing deficiencies concerning controls over (1) information systems, (2) financial reporting and accounting processes, (3) budgetary resources, and (4) registrant deposits and filing fees. These significant control deficiencies may adversely affect the accuracy and completeness of information used and reported by SEC’s management. [Emphasis added]