---
kind: "section"
citation: "15 U.S.C. § 78d–8"
title: "15"
title_heading: "Commerce and Trade"
number: "78d–8"
heading: "Annual financial controls audit"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/78d-8"
units:
  - "Chapter 2B — Securities Exchanges"
---

# §78d–8. Annual financial controls audit

- (a) **Reports of Commission—**
  - (1) **Annual reports required—** Not later than 6 months after the end of each fiscal year, the [Commission](/usc/15/78c.md?p=a-15) shall publish and submit to Congress a report that—
    - (A) describes the responsibility of the management of the [Commission](/usc/15/78c.md?p=a-15) for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and
    - (B) contains an assessment of the effectiveness of the internal control structure and procedures for financial reporting of the [Commission](/usc/15/78c.md?p=a-15) during that fiscal year.
  - (2) **Attestation—** The reports required under [paragraph (1)](#a-1) shall be attested to by the Chairman and chief financial officer of the [Commission](/usc/15/78c.md?p=a-15).
- (b) **Report by Comptroller General—**
  - (1) **Report required—** Not later than 6 months after the end of the first fiscal year after July 21, 2010, the Comptroller General of the United States shall submit a report to Congress that assesses—
    - (A) the effectiveness of the internal control structure and procedures of the [Commission](/usc/15/78c.md?p=a-15) for financial reporting; and
    - (B) the assessment of the [Commission](/usc/15/78c.md?p=a-15) under [subsection (a)(1)(B)](#a-1-B).
  - (2) **Attestation—** The Comptroller General shall attest to, and report on, the assessment made by the [Commission](/usc/15/78c.md?p=a-15) under [subsection (a)](#a).
- (c) **Reimbursements for cost of reports—**
  - (1) **Reimbursements required—** The [Commission](/usc/15/78c.md?p=a-15) shall reimburse the Government Accountability Office for the full cost of making the reports under [subsection (b)](#b), as billed therefor by the Comptroller General.
  - (2) **Crediting and use of reimbursements—** Such reimbursements shall—
    - (A) be credited to the appropriation account “Salaries and Expenses, Government Accountability Office” current when the payment is received; and
    - (B) remain available until expended.

## Source credit

(Pub. L. 111–203, title IX, § 963, July 21, 2010, 124 Stat. 1910.)

## Notes

### Editorial Notes

### Codification

Section was enacted as part of the Investor Protection and Securities Reform Act of 2010 and also as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Securities Exchange Act of 1934 which comprises this chapter.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking.

### Definition

For definition of “Commission” as used in this section, see section 5301 of Title 12, Banks and Banking.