Federal Reports

CyberScope

We contracted with CliftonLarsonAllen LLP, an independent public accounting firm, to perform an evaluation and review of PBGC’s information and technology (IT) security required by the Federal Information Security Management Act (FISMA). PBGC has made progress in addressing conditions reported in previous years. Please see OIG’s Report on Internal Controls Related to the Pension Benefit Guaranty Corporation's Fiscal Year 2015 and 2014 Financial Statements Audit. The internal control report specifically addresses PBGC’s progress in mitigating IT control weaknesses identified in: (1) PBGC’s entity-wide security program and (2) access controls and configuration management.

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.

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.

EAC OIG, through the independent public accounting firm of CliftonLarsonAllen LLP, audited EAC's compliance with the Federal Information Security Management Act and related information security policies, procedures, standards, and guidelines for fiscal year 2015.