Clifton Gunderson's financial statement audit of PBGC's Single-Employer and Multiemployer Program Funds found:
- The
financial statements were presented fairly, in all materials
respects, in conformity with accounting principles generally
accepted in the United States of America;
- PBGC's assertion about internal control over financial reporting (including safeguarding assets) and compliance with laws and regulations is fairly stated in all material respects. However, they identified three significant deficiencies regarding PBGC's need to: complete its efforts to fully implement and enforce an effective information security program, effectively implement consistent controls to restrict access to its information systems, and integrate its financial management systems.
- No
instances of noncompliance with tested laws and regulations.
Clifton Gunderson is responsible for the accompanying auditor's report dated November 8, 2007, and the conclusions expressed in the report. We do not express opinions on PBGC's financial statements or internal control, nor do we draw conclusions on compliance with laws and regulations.
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