FOR IMMEDIATE RELEASE February 28, 2001 CONTACT: Edmund Byrnes (202) 606-2572 edbyrnes@opm.gov OPM Receives Unqualified Audit Opinion on Consolidated Financial Statements Washington, D.C. -- The US Office of Personnel Management has received an unqualified ("clean") audit opinion on its fiscal year 2000 consolidated financial statements from the auditing firm of KPMG LLP. It has concluded that OPM's consolidated financial statements were "presented fairly, in all material respects, in conformity with accounting principles generally accepted in the United States." In addition, KPMG reported that OPM has no material weaknesses in its internal controls over its financial reporting. According to OPM Acting Director Steven R. Cohen, "OPM is responsible for safeguarding over $550 billion in assets held in trust for participants in earned benefit programs. Therefore, it is critical that our financial management systems are efficient and effective and comply with all congressional mandates. "I am extremely proud of this accomplishment," said Cohen. "It demonstrates that OPM is committed to fulfilling its stewardship responsibilities with sound financial management practices." OPM's Inspector General, Patrick McFarland, concurred with Mr. Cohen's assessment. "OPM continues to improve its financial management practices. Achieving an unqualified opinion on the agency's consolidated financial statements in the first year they were prepared is truly noteworthy." Beginning with fiscal year 1998, OPM received clean audit opinions on the financial statements for the stand-alone Earned Benefit Funds; Retirement, Health and Life Insurance. However, this is the first time that the financial statements for all of OPM have been consolidated and audited. END

Web page created 2 March 2001