Financial Audit
By:U S Government Accountability Office (G
Published on 2013-06 by BiblioGov
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.
This Book was ranked at 170 by Google Books for keyword Financial Auditing.
Book ID of Financial Audit's Books is Hp2DngEACAAJ, Book which was written by "U S Government Accountability Office (G" have ETAG "MLtoicWb/Lc"
Book which was published by BiblioGov since 2013-06 have ISBNs, ISBN 13 Code is 9781289073398 and ISBN 10 Code is 1289073392
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