Swaps Regulator Watchdog Failed U.S. Government Standards Audit
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The U.S. Commodity Futures Trading Commission’s internal watchdog has “significant deficiencies” in its auditing systems and received a failing grade in a government-required review completed in March.
From October 2006 through March 2010, the agency’s Office of the Inspector General failed to meet government standards for quality control procedures, overseeing independent accountants, documenting budget requests, and auditing contractors, according to the 37-page review. The IG’s office also failed to regularly make its reports available on the Internet, the review said.