For the third year, the OIG, in cooperation with the Chief Financial Officer, conducted a survey to identify lessons learned during the audit of the FY 2006 financial statements. After the OIG compiled the survey responses, key stakeholders met to discuss the results and provide suggestions for improvement. Our goal was to incorporate best practices into future audits of the financial statements and improve on those practices and procedures that were not efficient or effective.

Best practices identified included:

• Regular audit status meetings between the auditors and key stakeholders to help provide more timely information on audit issues, obstacles, and time lines.
• Weekly audit protocol meetings to discuss the status of outstanding documents requested by the auditors.
• A strong commitment to the audit process on the part of the Senior Executives, PBGC management and staff, contractors, the OIG staff, and the auditors.

Suggestions for improvements included a need for more frequent and open communications between and among the auditors, PBGC senior executives, and management, including:

• More timely notification of potential findings and recommendations, and
• Improvement of the audit follow-up process to close outstanding prior audit recommendations. This process requires more frequent and timely communications between the auditors and management regarding the status of outstanding recommendations, even when the financial statement auditors are not physically on-site (i.e., during the "off season").