| The Office of Inspector General contracted with Clifton Gunderson LLP, an independent certified public accounting firm, to audit 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, 2009 and 2008. In their audits of PBGC’s Single-Employer and Multiemployer Program Funds, Clifton Gunderson found:
- 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 (including safeguarding assets) and compliance with laws and regulations and its operations as of September 30, 2009. Three significant deficiencies were identified in PBGC’s (1) entity-wide security program planning and management, (2) access controls and configuration management, and (3) integrated financial management systems. The combination of significant deficiencies in PBGC’s internal control is considered to be a material weakness.
- No
instances of noncompliance with tested laws and regulations.
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