No news is good news for Securities and Exchange Commission Chair Mary Jo White.
A review was released Thursday of the SEC’s internal fraud controls by the investigative arm of Congress, the Government Accountability Office. The Dodd-Frank Act requires the office to do an annual review of the controls.
In this year’s update, the GAO noted mildly that since 2013, the SEC has taken steps to detect internal fraud by developing an electronic system to track the agency’s work flow and by creating a standards office.
White agreed to implement the GAO’s only recommendations. One was to better coordinate internal fraud controls among the Office of Compliance Inspections and Examinations, the Division of Corporation Finance, the Division of Enforcement and the Office of Credit Ratings. She also agreed to formally establish an interoffice working group on best practices.