Management Letter:

Pension Benefit Guaranty Corporation's Accounting Procedures

AIMD-94-168ML: Published: Aug 29, 1994. Publicly Released: Aug 29, 1994.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

GAO provided information on the nonmaterial accounting and internal control weaknesses it detected during its audits of the Pension Benefit Guaranty Corporation's (PBGC) fiscal year 1993 financial statements. GAO noted that: (1) PBGC failed to include all underfunded plans in its database and accounting system and had inadequate classification procedures and documentation for its contingent liability assessment process; (2) PBGC failed to use the most current and reliable data and did not adequately document recovery estimations and contribution agreements with plan sponsors; (3) weaknesses in the Multiemployer Program included inadequate supporting documentation, inconsistent processes, inadequate document safeguards and reviews, and PBGC failure to use available information on terminated plans; (4) additional weaknesses included poor controls over premium refunds and inadequate accounting policies for measuring losses, inconsistent methods for calculating interfund allocations, PBGC failure to offset accounts to net zero, unaudited custodian bank reporting, inadequate computer security and access restrictions to the wire transfer and tape management systems, and PBGC failure to establish separate test and production environments; and (5) PBGC has corrected some weaknesses and is taking steps to correct others.

Sep 14, 2016

Sep 8, 2016

May 5, 2016

Apr 13, 2016

Apr 4, 2016

Mar 1, 2016

Oct 29, 2015

Oct 27, 2015

  • retirement icon, source: PhotoDisc

    Social Security's Future:

    Answers to Key Questions
    GAO-16-75SP: Published: Oct 27, 2015. Publicly Released: Oct 27, 2015.

Sep 30, 2015

Looking for more? Browse all our products here