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AIMD-95-225R 1 (1995-08-24)

handle is hein.gao/gaobackxk0001 and id is 1 raw text is: United States GAO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-265744 August 24, 1995 The Honorable Martin Slate Executive Director Pension Benefit Guaranty Corporation Dear Mr. Slate: On March 8, 1995, we issued our opinions on the Pension Benefit Guaranty Corporation's Single-Employer Fund and Multiemployer Fund September 30, 1994, financial statements and management's assertions regarding the effectiveness of its system of internal controls as of September 30, 1994. We also reported on the Corporation's compliance with selected laws and regulations during fiscal year 1994 (GAO/AIMD-95-83, March 8, 1995). The purpose of this letter is to document the results of our July 13, 1995, meeting with the Corporation's Chief Financial Officer, Directors of the Financial Operations and Contracts and Controls Review Departments, and Inspector General. In that meeting we discussed matters identified during our audit of the Corporation's September 30, 1994, financial statements regarding accounting procedures and internal controls where we believe improvement can be made. While these matters are not considered material in relation to the financial statements, we believe they warrant management's attention. The views of Corporation officials expressed at that meeting were considered in preparing this letter. The officials generally agreed with our findings and suggestions. Our August 29, 1994, management letter (GAO/AIMD-94-168ML) discussed the matters identified during our audit of the fiscal year 1993 financial statements and provided a full description of our findings and suggestions for improvement. During our audit of the Corporation's fiscal year 1994 financial statements, we found that the Corporation had taken action which corrected 15 of the 28 matters reported last year in response to our suggestions for improvement. Further, the Corporation has plans in place to correct the remaining 13 matters. We discussed the status of 2 of these matters in our March 1995 report (page 9), and the remaining GAO/AIMD-95-225R PBGC

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