Audit of the Pension Benefit Guaranty Corporation's Fiscal Year 2011 and 2010 Special Purpose Financial Statements (AUD-2012-4 /FA-11-82-4), issued November 14, 2011

The Office of Inspector General contracted with Clifton Gunderson LLP, an independent certified public accounting firm, to audit 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, 2011 and 2010 (see OIG Audit Report AUD-2012-1/FA-11-82-1). As part of that audit, Clifton Gunderson also audited the PBGC Fiscal Year 2011 and 2010 Special-Purpose Financial Statements. The special-purpose financial statements and accompanying notes contained in the special-purpose closing package were prepared for the purpose of complying with the requirements of the U.S. Department of the Treasury's Financial Manual (TFM) Volume I, Part 2, Chapter 4700 solely for the purpose of providing financial information to the U.S. Department of the Treasury and U.S. Government Accountability Office to use in preparing and auditing the Financial Report of the U.S. Government, and are not intended to be a complete presentation of PBGC's financial statements.

In its audit of the PBGC Fiscal Year 2011 and 2010 Special-Purpose Financial Statements, Clifton Gunderson concluded that the special-purpose financial statements and accompanying notes presented fairly, in all material respects, the financial position of PBGC as of September 30, 2011 and 2010, and its net costs and changes in net position for the years then ended in conformity with accounting principles generally accepted in the United States of America and the presentation pursuant to the requirements of the TFM Chapter 4700.