Sorry, you need to enable JavaScript to visit this website.
  1. Home
  2. Reports
  3. Audit

Fiscal Year 2023 Financial Statement Audit Management Letter Report

Report Information

Date Issued
Report Number
AUD-2024-04
Report Type
Audit
Description

We contracted with Ernst & Young LLP (EY), an independent certified public accounting firm, to perform the audit. This management letter summarizes EY’s findings and recommendations related to PBGC’s internal control deficiencies and other matters. The issues noted in this report are not significant; and, therefore, the deficiencies were not required to be reported in the Independent Auditor’s Report (AUD-2024-02) issued on November 15, 2023. In FY 2023 EY had issued four new recommendations and closed 14 prior years' recommendations with the total of six open recommendation remaining at the end of FY 2023. EY will continue working with PBGC to resolve these recommendations.

Joint Report
No
Agency Wide
Yes (agency-wide)
Questioned Costs
$0
Funds for Better Use
$0
View report on Oversight.gov

Recommendations

Maintain sufficient documentation to ensure that all plans applying for SFA have complied with the Final Rule requirements to conduct a plan level death audit within one year of the plan’s measurement date.

We recommend PBGC management continuously monitor users’ Active Directory settings to make sure the system can recognize all users and entitlements that need to be recertified in a timely manner.

Implement procedures to formally retain review documentation that evidences how the review steps were performed and how conclusions (especially judgmental decisions) were drawn. Examples would be tickmarks, text boxes, comments, recalculations, reconciliations, supporting files researched, etc.

Develop more detailed checklists that outline how steps are completed and not just what needs to be completed.