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Why did the SEC perform this Audit?
The Digital Accountability and Transparency Act of 2014 (DATA Act)
requires the Inspector General of each Federal Agency to assess the
completeness, accuracy, timeliness, and quality of their component agency’s
spending data and the agency’s implementation and use of the data
standards. Therefore, the Office of
Inspector General (OIG) of the U.S. Securities and Exchange Commission
(SEC) conducted an audit of the SEC ‘s compliance with
the DATA Act with respect to the SEC’s fiscal year 2019 first quarter data
submitted to the U.S. Department of Treasury.
You can read the audit in its entirety here.
What were the Audit findings?
The SEC’s controls were generally found to be adequate and
effective to ensure DATA Act compliance, however, the SEC can further improve
its processes related to the DATA Act.
What can the SEC do to improve its
processes related to the DATA Act?
File B refers to Object Class and Program Activity; Data
submitted by agency. The Broker is a system that received agency data,
validates the data against the Schema, and tests linkages between financial
data produced by agencies with other spending data on Federal awards, including
grants, loans, and procurement data. Schema,
or DATA Act Information Model Schema, gives an overall view of the hundreds of
distinct data elements used to explain how Federal dollars are spent.
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