Audit of the Effectiveness of PBGC’s Governance of Internal Control

We reviewed the effectiveness of PBGC’s governance of internal control, with emphasis on the entity-wide risk assessment and resulting impact on PBGC’s internal control testing according to applicable laws, regulations and guidance. We found information and communication within PBGC’s internal control framework could be improved if the Internal Control Committee’s responsibilities were clarified and fulfilled. We further found that opportunities exist to improve PBGC’s process for conducting risk assessments and using the results. Finally, opportunities exist to improve PBGC’s processes regarding the preparation of the annual assurance statements over internal control.PBGC agreed to take actions on all recommendations by November 2017.