PBGC’s Special Financial Assistance Program’s Policies and Procedures for the Annual Statement of Compliance Need Improvement
Revise its ASOC review procedures to require an annual reconciliation of SFA funds and to require the review analyst to conduct an analysis of material changes or outliers in the key elements to ensure full compliance with SFA conditions.
Audit of the Pension Benefit Guaranty Corporation’s Fiscal Year 2025 Financial Statements
Strengthen their risk assessment process by considering the gap period between the last SOC 1 reports and PBGC’s fiscal year end to determine the sufficiency of internal controls relevant to PBGC’s financial reporting processed by the service organizations. Such considerations should be documented.
Design and implement additional controls based on the results of PBGC’s risk assessment process.
Fiscal Year 2025 Financial Statement Audit Management Letter Report
Due to the sensitive nature of the findings and recommendations in this report, its disclosure has been restricted.
Due to the sensitive nature of the findings and recommendations in this report, its disclosure has been restricted.
Due to the sensitive nature of the findings and recommendations in this report, its disclosure has been restricted.
Due to the sensitive nature of the findings and recommendations in this report, its disclosure has been restricted.
Due to the sensitive nature of the findings and recommendations in this report, its disclosure has been restricted.
PBGC’s Process for Investigating Potential Fiduciary Breach Cases Could Be Improved
Implement a process for tracking potential fiduciary breach cases, which includes coordination with the Office of Operations and the Office of Negotiation and Restructuring.
Provide periodic briefings to OIG Office of Investigations regarding potential fiduciary breach cases to improve their situational awareness.
Update ECD's fiduciary breach manual and any appendices, including steps for documenting key decisions, supervisory approval, and any delegations of authority to resolve fiduciary breaches.
PBGC Needs to Improve the Completeness and Accuracy of the Obligation and Outlay Information that It Reports in USAspending.gov
Review the reporting process for USAspending.gov and identify why some contract actions are not properly reflected.
Review and update reporting to USAspending.gov to properly reflect obligation and outlay data.
Review and update quality assurance practices for USAspending.gov to ensure proper data is complete and accurate.