Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Accounting
Languages : en
Pages : 30
Book Description
Examination of Financial Statements Pension Benefit Guaranty Corporation, FY77
Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Accounting
Languages : en
Pages : 30
Book Description
Financial Audit
Author: Publisher:
ISBN:
Category : Pension trust guaranty insurance
Languages : en
Pages : 48
Book Description
Examination of Financial Statements, Pension Benefit Guaranty Corporation, Fiscal Year 1977. Communication from the Comptroller General of the United States Transmitting a Report on the Examination of Financial Statements of the Pension Benefit Guaranty Corporation ... May 4, 1979. -- Referred to the Committees on Government Operations, Education and Labor, and Ways and Means and Ordered to be Printed
Author: Examination of Financial Statements, Pension Benefit Guaranty Corporation, Fiscal Year 1977. Communication from the Comptroller General of the United States Transmitting a Report on the Examination of Financial Statements of the Pension Benefit Guaranty Corporation ... May 4, 1979. -- Referred to the Committees on Government Operations, Education and Labor, and Ways and Means and Ordered to be Printed
Author: Financial Audit : Pension Benefit Guaranty Corporation's 1991 and 1990 Financial Statements
Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Insurance, Pension trust guaranty
Languages : en
Pages : 36
Book Description
Financial Audit
Author: U S Government Accountability Office (GPublisher: BiblioGov
ISBN: 9781289073398
Category :
Languages : en
Pages : 52
Book Description
GAO examined the financial statements of the Pension Benefit Guaranty Corporation's (PBGC) Single-Employer and Multiemployer Funds for the years ended September 30, 1992 and 1991, focusing on PBGC: (1) financial condition; (2) internal controls; and (3) compliance with applicable laws and regulations. GAO found that: (1) PBGC financial statements for the year ended September 30, 1992, were reliable in all material respects and represented fairly the funds' financial position in accordance with generally accepted accounting principles; (2) it was unable to audit the Multiemployer Fund's future financial assistance liability due to incomplete information on certain financially troubled pension plans; (3) the Single-Employer Fund's long-term viability is jeopardized by underfunding due to insufficient sponsor contributions and a not-fully-risk-related premium structure; (4) weaknesses exist in the scope and quality of employee benefit plan audits and internal controls plan reporting; (5) PBGC has made internal control improvements, but weaknesses in certain areas persist; (6) PBGC internal controls do not ensure that transactions are properly recorded, processed, and summarized in accordance with generally accepted accounting principles, but they do reasonably ensure that assets were safeguarded from material loss; (7) nonmaterial internal control weaknesses include the lack of audit or test controls over multiemployer plans' financial information, inadequate documentation of nonparticipant data, and inadequate monitoring of field benefit administrators; and (8) there was no evidence of material noncompliance with applicable laws and regulations.
Auditing and Financial Management
Author: U S Government Accountability Office (GPublisher: BiblioGov
ISBN: 9781289090258
Category :
Languages : en
Pages : 70
Book Description
GAO examined the combined statement of the financial condition of the Pension Benefit Guaranty Corporation (PBGC) as of September 30, 1980, the related combined statements of operations and changes in the deficiency in net assets, and the changes in financial condition for the year then ended. GAO found material accounting and estimating problems, internal control weaknesses, and major uncertainties that significantly reduce the reliability of important account balances. Because of the matters discussed in the report, GAO was not able to express an opinion on whether PBGC statements presented fairly its financial condition and the results of its operations and changes in financial condition for fiscal year 1980.
Pension Benefit Guaranty Corporation's Program to Identify, Collect, and Account for Premium Payments Including Findings and Recommendations of the Subcommittee
Author: United States. Congress. House. Committee on Ways and Means. Subcommittee on OversightPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 24
Book Description
Financial Audit
Author: U S Government Accountability Office (GPublisher: BiblioGov
ISBN: 9781289058920
Category :
Languages : en
Pages : 48
Book Description
GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) fiscal year (FY) 1990 financial statements in accordance with the Government Corporation Control Act. GAO found that: (1) serious financial system deficiencies and internal control weaknesses prevent PBGC from preparing reliable financial statements and affect Congress' ability to assess whether PBGC premium levels are adequate to meet its long-term obligation to pay timely and uninterrupted benefits on terminated plans; (2) PBGC system deficiencies and control weaknesses include its process for estimating its future benefit liability, processing and followup of premium filing data, and accounting operations; (3) although PBGC has initiated efforts to address these deficiencies, its success will depend on management's commitment to effectively implement the necessary improvements; (4) while PBGC has sufficient assets to meet its near-term benefit payment and obligations, it reported an operating loss of $780 million for FY 1990, and an accumulated deficit of $1.8 billion, indicating that it faces an uncertain future; (5) this deficit exists because PBGC has not received sufficient premium income to finance losses and other expenses; and (6) during economic downturns, the combination of declining investment values and an increased potential for losses from terminations of underfunded plans places PBGC financial condition at increased risk.
Author: