Audit of the Pension Benefit Guaranty Corporation’s Fiscal Year 2020 and 2019 Financial Statements (AUD-2021-02), issued December 9, 2020

The Office of Inspector General issued the audit report of the financial statements of the Single-Employer and Multiemployer Program Funds administered by the Pension Benefit Guaranty Corporation (PBGC) as of and for the years ended September 30, 2020 and 2019, finding:

• The financial statements present fairly, in all material respects, the financial position of the Single-Employer and Multiemployer Program Funds and the results of their operations and cash flows for the years then ended;


• Although certain internal controls could be improved, PBGC maintained, in all material respects, effective internal control over financial reporting as of September 30, 2020. As of September 30, 2020:


• PBGC continues to develop and execute corrective actions to remediate previously reported internal control deficiencies related to its actuarial liability estimates. PBGC has improved its identity and access management and configuration management controls for information technology (IT) systems supporting the financial reporting environment.


• PBGC has two significant deficiencies: (1) Controls over Actuarial Liability Estimates and (2) Controls over Information Systems - Segregation of Duties.




• No instances of noncompliance or other matters with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements.

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