Page 1 GAO-25-107186 SEC’s Financial Statements for FY 2024 and FY 2023
441 G St. N.W.
Washington, DC 20548
November 15, 2024
The Honorable Gary Gensler
Chair
United States Securities and Exchange Commission
Financial Audit: Securities and Exchange Commission’s FY 2024 and FY 2023 Financial
Statements
Dear Mr. Gensler:
This report transmits the GAO auditor’s report on the results of our audits of the fiscal years
2024 and 2023 financial statements of the United States Securities and Exchange Commission
(SEC) and its Investor Protection Fund (IPF),
1
which is incorporated in the enclosed U.S.
Securities and Exchange Commission’s Fiscal Year 2024 Agency Financial Report.
As discussed more fully in the auditor’s report that begins on page 64 of the enclosed agency
financial report, we found
• the SEC and IPF financial statements as of and for the fiscal years ended September 30,
202
4, and 2023, are presented fairly, in all material respects, in accordance with U.S
.
gener
ally accepted accounting principles
;
• S
EC maintained, in all material respects, effective internal control over financial reporting for
SEC and for IPF as of September 30, 2024; and
• no r
eportable noncompliance for fiscal year 2024 with provisions of applicable laws
,
r
egulations, contracts, and grant agreements we tested.
SEC is required by law to annually prepare and submit audited financial statements covering all
accounts and associated activities of the commission to Congress and the Office of
Management and Budget.
2
Further, the Securities Exchange Act of 1934, as amended in 2010
by section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act), requires SEC to annually prepare and submit a complete set of audited financial
statements for IPF to Congress.
3
In accordance with our authority to audit statements and
1
IPF was established in 2010 by section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act). IPF funds the activities of SEC’s whistleblower award program and the SEC Office of Inspector
General Employee Suggestion Program established under sections 922 and 966 of the Dodd-Frank Act, respectively.
Pub. L. No. 111-203, §§ 922(a), 966, 124 Stat. 1376, 1844, 1912-13 (classified at 15 U.S.C. §§ 78d4(e), 78u-6(b),
(g)). IPF is a separate SEC fund and its financial statements present SEC’s financial activity associated with these
programs. Accordingly, IPF’s financial transactions are also included in SEC’s overall financial statements.
2
31 U.S.C. § 3515.
3
Dodd-Frank Act, § 922(a), 124 Stat. 1844, adding § 21F(g)(5) of the Securities Exchange Act of 1934 (classified at
15 U.S.C. § 78u-6(g)(5)).
