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 unqualified opinion on internal control over financial reporting reported in the internal control deficiencies section of the combined Independent Auditors’ Report dated November 15, 2016 (AUD-2017-2/FA-16-110-1). We reported:Serious internal control weaknesses in PBGC’s programs and operations include four significant deficiencies: (1) Controls over the Present Value of Future Benefit (PVFB) Liability, (2) Present Value of Nonrecoverable Future Financial Assistance (PV NFFA), (3) Entity-Wide Security Program Planning and Management, and (4) Access Controls and Configuration Management.During FY 2016, we observed improvements to the internal controls within PBGC operations that impacted long-standing control deficiencies reported in previous years. These improvements led to a change in classification of a previously reported material weakness in controls over the PVFB liability to a significant deficiency.
Report File
Date Issued
Submitting OIG
Pension Benefit Guaranty Corporation OIG
Other Participating OIGs
Pension Benefit Guaranty Corporation OIG
Agencies Reviewed/Investigated
Pension Benefit Guaranty Corporation
Report Number
AUD-2017-3FA-16-110-2
Report Description
Report Type
Audit
Agency Wide
Yes
Number of Recommendations
8
Questioned Costs
$0
Funds for Better Use
$0