The Office of Inspector General contracted with Clifton Gunderson LLP, an independent certified public accounting firm, to audit the financial statements of the Single-Employer and Multiemployer Program Funds administered by the Pension Benefit Guaranty Corporation (PBGC) as of and for the years ended September 30, 2008 and 2007. In the audits of PBGC’s Single-Employer and Multiemployer Program Funds, Clifton Gunderson found:
- The financial statements were presented fairly, in all material 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, as of September 30, 2008, is fairly stated in all material respects. However, Clifton Gunderson also 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 LLP is responsible for the accompanying auditor’s report dated November 12, 2008, and the conclusions expressed in the report. The Office of Inspector General does 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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