Internal controls (11 - 20 of 22 items)
Underfunded Pension Plans: Federal Government's Growing Exposure Indicates Need For Stronger Funding Rules
T-HEHS-94-149: Published: Apr 19, 1994. Publicly Released: Apr 19, 1994.
GAO discussed its ongoing study of current pension plan funding rules and the impact of proposed pension reform legislation on underfunded plans insured by the Pension Benefit Guaranty Corporation (PBGC). GAO noted that: (1) underfunding in PBGC-insured single-employer plans increased from $31 billion in 1990 to over $50 billion in 1992; (2) current law provides for an offset that either completel...
Social Security Administration: SSA Needs to Act Now to Assure World-Class Service
T-HRD-94-46: Published: Oct 28, 1993. Publicly Released: Oct 28, 1993.
GAO discussed the management of the Social Security Administration (SSA), focusing on actions that SSA should take to provide high-quality service to its beneficiaries. GAO noted that: (1) over the next 10 to 20 years, increasing numbers of claims from the baby boom generation will cause SSA workloads to significantly increase; (2) SSA needs to take several actions to improve its long-range planni...
Financial Audit: Pension Benefit Guaranty Corporation's 1992 and 1991 Financial Statements
AIMD-93-21: Published: Sep 29, 1993. Publicly Released: Sep 29, 1993.
GAO examined the financial statements of the Pension Benefit Guaranty Corporation's (PBGC) Single-Employer and Multiemployer Funds for the years ended September 30, 1992 and 1991, focusing on PBGC: (1) financial condition; (2) internal controls; and (3) compliance with applicable laws and regulations.GAO found that: (1) PBGC financial statements for the year ended September 30, 1992, were reliable...
Accountability: More Vital Than Ever
149123: Mar 1, 1993
GAO discussed accountability in government institutions. GAO noted that: (1) accountability is the mechanism for maintaining public trust that is crucial to business and government enterprises; (2) the government needs the support of the public in order to carry out health care reform, defense restructuring, education and training initiatives, and deficit reduction; (3) recent scandals and financi...
Pension Plans: Underfunded Plans Threaten PBGC
T-HRD-93-2: Published: Feb 4, 1993. Publicly Released: Feb 4, 1993.
GAO discussed problems facing the Pension Benefit Guaranty Corporation (PBGC), focusing on management reforms, modification of pension funding rules, and changes in the insurance premium structure. GAO noted that: (1) weaknesses in internal controls and financial systems have undermined PBGC ability to administer the pension insurance program; (2) PBGC efforts to identify and collect delinquent an...
OCG-93-19TR: Published: Dec 1, 1992. Publicly Released: Dec 1, 1992.
Pursuant to a congressional request, GAO summarized information on federal labor issues facing Congress and the new administration.GAO noted that: (1) the Department of Labor needs to foster competition and assist workers to adapt to the changing environment of the workplace; (2) Labor faces significant challenges because of an inadequate education system, an increasing unskilled workforce, and a...
Financial Audit: Pension Benefit Guaranty Corporation's 1991 and 1990 Financial Statements
AFMD-92-35: Published: Mar 2, 1992. Publicly Released: Mar 2, 1992.
GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) financial statements for the fiscal years ended September 30, 1991 and 1990.GAO found that: (1) PBGC made a major commitment to correct internal control weaknesses GAO identified during its attempt to audit fiscal year (FY) 1990 financial statements, but did not make sufficient progress for GAO to complete a financial audit of FY 1991...
Financial Audit: System and Control Problems Further Weaken the Pension Benefit Guaranty Fund
AFMD-92-1: Published: Nov 13, 1991. Publicly Released: Nov 13, 1991.
GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) fiscal year (FY) 1990 financial statements in accordance with the Government Corporation Control Act.GAO found that: (1) serious financial system deficiencies and internal control weaknesses prevent PBGC from preparing reliable financial statements and affect Congress' ability to assess whether PBGC premium levels are adequate to meet...
Pension Benefit Guaranty Corporation: Weak Financial Condition Worsened by Serious Internal Control Weaknesses
T-AFMD-91-9: Published: Aug 1, 1991. Publicly Released: Aug 1, 1991.
GAO discussed its attempt to audit the Pension Benefit Guaranty Corporation's (PBGC) fiscal year (FY) 1990 financial statements. GAO noted that: (1) PBGC reported an operating loss of more than $780 million, increasing its accumulated deficit by more than 75 percent to $1.8 billion for FY 1990; (2) a significant increase in losses from future pension plan terminations, investment losses on assets...
Social Security: Status and Evaluation of Agency Management Improvement Initiatives
HRD-89-42: Published: Jul 24, 1989. Publicly Released: Jul 24, 1989.
GAO assessed the Social Security Administration's (SSA) progress in implementing GAO recommendations for improving SSA management, focusing on: (1) the status and effectiveness of SSA corrective actions; (2) the reasonableness, timeliness, and completeness of actions in progress; and (3) how SSA planned to sustain the actions and ensure their continued progress and effectiveness.GAO found that: (1...