An Audit Report on Performance Measures at the Securities Board
April 2007
Report Number 07-028
Overall Conclusion
The Securities Board (Board) reported reliable results for 60 percent (3 of 5) of the fiscal year 2006 key performance measures audited. A result is considered reliable if it is certified or certified with qualification.
Specifically:
- Two key performance measures--Number of Investigations Opened and Number of Law Enforcement Actions Taken--were certified with qualification because the Board does not consistently document its review of the data that has been entered into the Automated Budget and Evaluation System of Texas (ABEST) before it is released.
- One key performance measure--Average Cost Per Inspection--was certified with qualification because the Board deviated from the calculation methodology contained within ABEST. However, the deviation caused less than a 5 percent difference between the number reported in ABEST and the actual performance measure result.
- Two key performance measures--Percentage of Texas Dealers and Investment Advisers Inspected and Percentage of Inspected Dealers and Investment Advisers Found Out of Compliance--were inaccurate because the actual performance was not within 5 percent of the performance reported by the Board.
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