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This is
the twenty-seventh Semiannual Report to the Congress summarizing
the activities and accomplishments of the Pension Benefit
Guaranty Corporation (PBGC) Office of Inspector General (OIG)
for the period April 1, 2002 through September 30, 2002. This
was a period of great change for our office: our Inspector
General for thirteen years, Wayne Robert Poll, retired, we
hired two new staff members, and we initiated some new activities
in providing consulting services to PBGC and in preventing
fraud.
Our efforts
were directed toward performing audits, inspections, and evaluations
of the Corporation's programs and operations; conducting several
large and complex investigations; and providing technical
assistance and advice on Corporate programs.
In the
audit area, we issued six (6) reports, including:
- FY
2001 Financial Statement Audit Management Letter;
- Review
of Sensitive Payments for FY 2001
- Audit
of PBGC's Schedules of Appeals Closings for FY 1999 and
2000; and
- PBGC
Needs to Require Corrective Action Plans to Address Audit
Recommendations.
After
an extensive period of recruitment we were able to hire an
information technology (IT) specialist. Having this expertise
on staff enabled the office to conduct more IT security reviews,
provide guidance on corrective actions for identified vulnerabilities,
and liaison with agency officials during preparation of the
GISRA report to OMB.
In the
investigative area, we opened seven (7) new investigative
cases during the reporting period and closed eleven (11) cases.
Among the significant investigative activity this period,
we:
- Hired
a new investigator;
- Issued
Fraud Alerts to PBGC personnel through the e-mail to increase
awareness of particular fraud activities and the OIG's role
in fraud prevention); and
- Closed
four cases related to pension benefit fraud.
During
the period, we reviewed two sets of proposed regulations:
(1) amendments relating to PBGC's compliance with the Government
Paperwork Elimination Act (GPEA) to remove barriers that might
limit electronic filing with PBGC or electronic issuances
by PBGC; and (2) amendments relating to the "phase-in"
period for PBGC's guarantee of pension benefits that are contingent
upon a shutdown.
We also
continued our advisory services to PBGC in various GPEA initiatives
and financial systems integration efforts, and began providing
consulting services relating to the redesign of PBGC's premium
accounting system.
more...
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