Executive
Summary
This
Semiannual Report to Congress summarizes the activities and
accomplishments of the Pension Benefit Guaranty Corporation
(PBGC) Office of Inspector General (OIG) for the period April
1, 2004, through September 30, 2004. During this period, we
focused much of our effort on accelerated financial reporting
and demarcating the line between the authority of the OIG
and the oversight responsibilities of management. When accomplishing
audit and investigative work, we will ensure that our work
accords with our mission to be an “independent and objective
voice for Congress, the Board of Directors, and PBGC.”
We want to focus our work on the challenges facing PBGC and
to be the primary source of timely and objective information
for the organization. We will accomplish our work demonstrating
our values of respect, excellence, and integrity.
In the
audit area, our work included the following:
- Governance—working
with the Board of Directors, executive management, independent
audit oversight, and audit policy (see page 5).
- Financial
management—accelerated financial statement reporting,
fi nancial statement auditing, and systems integration (see
page 8 ).
- Program
operations—issuing a report on the economy and efficiency
of PBGC’s contracted fi eld benefit administration
offices; as advisory members, working with teams to address
premium accounting issues and the OMB’s PART assessment
(see page 9).
- Information
technology security—submitting the OMB-mandated response
on the agency’s progress, and continuity of operations
(see page 12).
- Procurement
and contracting—beginning a new responsibility (see
page 13).
In the
investigative area, we received a record number of allegations
of wrongdoing: 60 inquiries, of which 35 became cases. We
closed five cases and 36 inquiries during the reporting period.
We conducted significant investigative work this period, including—
- recovering
stolen PBGC laptop computers, resulting in four indictments
(see page 18);
- determining
that PBGC employees and contractors were misusing PBGC computers
and e-mail to view and share pornography (see page 18);
- receiving
an indictment against an individual who stole a pension
check (see page 19); and
- closing
10 inquiries related to pension benefit fraud (see page
19).
We also
report on the agency’s actions on two investigative
reports we issued in
prior periods.
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