The Office of Inspector General issued the audit of the financial statements of the Single-Employer and Multiemployer Program Funds administered by the Pension Benefit Guaranty Corporation (PBGC) as of and for the years ended September 30, 2015 and 2014 finding: • The financial statements were presented fairly, in all material respects, in conformity with accounting principles generally accepted in the United States of America. • PBGC did not have effective internal control over financial reporting and compliance with laws and regulations and its operations as of September 30, 2015, resulting in an adverse opinion on internal control. - Serious internal control weaknesses in PBGC’s program and operations resulted in the continued existence of a material weakness regarding controls over the present value of future benefit liability. - Progress by the Corporation resulted in two previously reported material weaknesses regarding (1) the entity-wide security program planning and management, and (2) access controls and configuration management being reduced to significant deficiencies. A third significant deficiency regarding lack of controls of premium income was reported. • PBGC did not determine the fair market value of plan assets at the date of plan termination in accordance with the regulation established at Title 29 of the Code of Federal Regulation Part 4044.41(b) in certain instances.
Friday, November 13, 2015
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