Audit of the Pension Benefit Guaranty Corporation’s Fiscal Year 2021 and 2020 Financial Statements (AUD-2022-02), issued November 15, 2021
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, 2021 and 2020, 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, 2021. As of September 30, 2021, PBGC has one significant deficiency: Lack of Reevaluation of Policies, Procedures and Controls when Significant Changes to Programs Occur.
- 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.