2001 - Audit Report

U.S. Department of Labor
Office of Inspector General
Office of Audit

SPECIAL REPORT RELATING TO THE FEDERAL EMPLOYEES' COMPENSATION ACT (FECA) SPECIAL BENEFIT FUND

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This special report on the Federal Employees' Compensation Act (FECA) Special Benefit Fund (the Fund) that our office prepares is to assist Federal Agencies in the audit of their annual financial statements. The U.S. Department of Labor, Employment Standards Administration, Office of Workers' Compensation administers the Fund and the DOL Office of Inspector General is responsible for auditing the Fund.

The DOL is also responsible for calculating FECA’s actuarial liability. Generally accepted accounting principles require Federal agencies to include in their annual financial statements their portions of the Federal actuarial liability. The DOL OIG provides an independent opinion and issues a report to CFO agencies on the fairness of the presentation of these future funding liability projections. The actuarial model was revised this year. The revision resulted in an increase to the liability accounted for as a change in estimate

This special report was prepared by Carmichael, Brasher, Tuvell & Company, under contract with the Office of Inspector General, and consists of three separate reports. The first report is an opinion on the total actuarial liability and the net intra-governmental accounts receivable as of September 30, 2000, and the total benefit expense made by the Fund on behalf of the employing agencies for the year then ended. The second report is an agreed-upon procedures (AUP) report on the schedules of actuarial liability by Agency; net intra-governmental accounts receivable by Agency and benefit expense by Agency. The third report is a service provider report on the Division of Federal Employees’ Compensation’s policies and procedures placed in operation and tests of the operating effectiveness of the policies and procedures for the period October 1, 1999 through May 31, 2000.

The actuarial liability was $21.8 billion, the net intra-governmental accounts receivable was $3.3 billion and the benefit expense was $5.8 billion for FY 2000.
Report No. 22-01-003-04-431

[ Get Complete Report PDF ] 90 pp. {252 k}

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