15 U.S.C. § 78d–8: Annual financial controls…

Summary

Requires the Commission to publish and send Congress an annual report within six months after each fiscal year ends. The report must say that Commission management is responsible for having proper internal controls for financial reporting and must give the Commission’s judgment on how well those controls worked that year. The Chairman and the chief financial officer must attest to that report. Requires the Comptroller General of the United States to send Congress, within six months after the end of the first fiscal year after July 21, 2010, a report that reviews the Commission’s financial controls and the Commission’s own assessment. The Comptroller General must attest to the Commission’s assessment. The Commission must reimburse the Government Accountability Office for the full billed cost. Payments must be credited to the appropriation account “Salaries and Expenses, Government Accountability Office” current when received and remain available until expended.

Title 15, §78d–8

Commerce and Trade, Source: USLM XML via OLRC

(a)Reports of Commission

(1)Annual reports required

Not later than 6 months after the end of each fiscal year, the Commission shall publish and submit to Congress a report that—

(A)describes the responsibility of the management of the Commission for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and

(B)contains an assessment of the effectiveness of the internal control structure and procedures for financial reporting of the Commission during that fiscal year.

(2)Attestation

The reports required under paragraph (1) shall be attested to by the Chairman and chief financial officer of the Commission.

(b)Report by Comptroller General

(1)Report required

Not later than 6 months after the end of the first fiscal year after July 21, 2010, the Comptroller General of the United States shall submit a report to Congress that assesses—

(A)the effectiveness of the internal control structure and procedures of the Commission for financial reporting; and

(B)the assessment of the Commission under subsection (a)(1)(B).

(2)Attestation

The Comptroller General shall attest to, and report on, the assessment made by the Commission under subsection (a).

(c)Reimbursements for cost of reports

(1)Reimbursements required

The Commission shall reimburse the Government Accountability Office for the full cost of making the reports under subsection (b), as billed therefor by the Comptroller General.

(2)Crediting and use of reimbursements

Such reimbursements shall—

(A)be credited to the appropriation account “Salaries and Expenses, Government Accountability Office” current when the payment is received; and

(B)remain available until expended.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was enacted as part of the Investor Protection and Securities Reform Act of 2010 and also as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Securities Exchange Act of 1934 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking. Definition For definition of “Commission” as used in this section, see section 5301 of Title 12, Banks and Banking.

§78d–8 Annual Financial Controls Audit