We hired an Independent Public Accountant (IPA) to examine cost representations in invoices submitted to PBGC. The IPA applied agreed-upon procedures to assist OIG in evaluating whether costs incurred by the PBGC contractor in the fiscal years ending September 30, 2006 and 2007 were allowable, reasonable, supported and consistent with contractual provisions.

The IPA report questions $114,255 in costs related to the following issue:

• Employees of the contractor did not meet minimum education and experience requirements specified in the contract and results in questioned costs of $114,255.

The report recommends corrective actions related to identified questioned costs and, if needed, the initiation of necessary collection actions.