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.
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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 held for benefit payments, and a decline in the expected recovery values of receivables caused operating losses for FY 1990; (3) PBGC faces significant risk from future plan terminations and reported some $20 billion to $30 billion in plan underfunding; (4) PBGC liability for future benefits totalled $4.8 billion, about 95 percent of its obligations; (5) due to weaknesses in supporting and controlling liability estimating techniques, GAO was unable to determine the reliability of PBGC estimated liability for future benefits; (6) weaknesses in processing and follow-up on premium payments inhibited PBGC premium collection efforts; and (7) system and control weaknesses contributed to PBGC inability to systematically reconcile either its accounting data or its investment and fund activity, control its accounts receivable, and promptly prepare and file external financial reports. GAO believes that PBGC needs to develop specific corrective action plans that will address its financial management weaknesses.
Jul 30, 2014
Federal Grants:
Agencies Performed Internal Control Assessments Consistent with Guidance and Are Addressing Internal Control DeficienciesGAO-14-539: Published: Jul 30, 2014. Publicly Released: Jul 30, 2014.
Jul 9, 2014
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Improper Payments:
Government-Wide Estimates and Reduction StrategiesGAO-14-737T: Published: Jul 9, 2014. Publicly Released: Jul 9, 2014.
Jun 19, 2014
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Management Report:
Improvements Needed in Controls over the Processes Used to Prepare the U.S. Consolidated Financial StatementsGAO-14-543: Published: Jun 19, 2014. Publicly Released: Jun 19, 2014.
May 30, 2014
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DOD Financial Management:
Improvements Needed in Army's Efforts to Ensure the Reliability of Its Statement of Budgetary ResourcesGAO-14-60: Published: May 30, 2014. Publicly Released: May 30, 2014.
May 15, 2014
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Financial Audit:
Congressional Award Foundation's Fiscal Years 2013 and 2012 Financial StatementsGAO-14-540: Published: May 15, 2014. Publicly Released: May 15, 2014.
May 13, 2014
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DOD Financial Management:
Effect of Continuing Weaknesses on Management and Operations and Status of Key ChallengesGAO-14-576T: Published: May 13, 2014. Publicly Released: May 13, 2014. -
DOD Financial Management:
Actions Under Way Need to Be Successfully Completed to Address Long-standing Funds Control WeaknessesGAO-14-94: Published: Apr 29, 2014. Publicly Released: May 13, 2014.
May 12, 2014
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Management Report:
Improvements Needed in SEC's Internal Controls and Accounting ProceduresGAO-14-416R: Published: May 12, 2014. Publicly Released: May 12, 2014.
May 2, 2014
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Management Report:
Improvements Needed in CFPB's Internal Controls and Accounting ProceduresGAO-14-455R: Published: May 2, 2014. Publicly Released: May 2, 2014.
Mar 27, 2014
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Patient-Centered Outcomes Research Institute:
Review of the Audit of the Financial Statements for 2013 and 2012GAO-14-415R: Published: Mar 27, 2014. Publicly Released: Mar 27, 2014.
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