Report on Internal Controls Related to the Pension Benefit Guaranty Corporation's Fiscal Year 2015 and 2014 Financial Statements Audit

The Office of Inspector General issued an audit of the internal controls over financial operations for the Single-Employer and Multiemployer Program Funds administered by the Pension Benefit Guaranty Corporation (PBGC). This report provides a more detailed discussion of the specifics underlying the adverse opinion on internal control over financial reporting reported in the internal control section of the combined Independent Auditor's Report dated November 13, 2015 (AUD-2016-2/FA-15-108-2). We reported: • 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.