The Securities and Exchange Commission exams increased for investment advisors but fell for investment companies in the fiscal year ended September 30, the General Accountability Office, the investigative arm of Congress, reported Monday.

The share of investment advisors examined rose from 8 percent in 2012 to 9 percent in 2013, but missed the agency’s goal of 10 percent.  The exams covered advisors holding more than 25 percent of assets under management in the industry.

During the same period, reviews of investment companies declined from 12 percent to 11 percent against an aim of 14 percent.

At the same time, broker-dealer exams shrunk to 46 percent from 49 percent. The SEC was hoping to cover 50 percent.

The sequester led to a dip in the regulator’s Congressional appropriation to $1.26 billion in 2013 from $1.32 billion in 2012.

Thanks to the fees it collects, the SEC made a profit for the federal government in the range of half of a billion dollars.

GAO praised the commission for “an unwavering commitment to excellence” and lauded the agency's Office of Compliance Inspections and Examinations for an effective examination program.

“OCIE continues to employ innovative approaches to improve and refine its examination process, and enhance its approach to identifying and preventing fraud,” the report from the Congressional researchers said.