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United States General Accounting Office GAO March 1995 Report to the Congress_part2

Tham khảo tài liệu 'united states general accounting office gao march 1995 report to the congress_part2', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | B-259540 During fiscal year 1993 the Corporation initiated efforts designed to improve the accuracy of certain aspects of nonfinancial participant data entered into the PLUS system. However control weaknesses involving these data continued to exist for fiscal year 1994 because the Corporation had not made significant progress in improving procedures for obtaining and documenting participant data in a timely manner. Also weaknesses existed in the Corporation s verifying and editing of the nonfinancial participant data entered and maintained in the Corporation s records and its PLUS database. We previously made recommendations for addressing each of the material internal control weaknesses discussed in this report.7 These recommendations called for strengthening internal controls over systems development modification and integration financial reporting multiemployer financial assistance and participant data. While the Corporation made progress during fiscal year 1994 in addressing these recommendations these efforts have not been completed. The Corporation has stated its commitment to fully addressing the weaknesses disclosed in these reports. Opinion on Financial Statements In our opinion the accompanying financial statements present fairly in all material respects the financial position of the Single-Employer and Multiemployer Funds administered by the Pension Benefit Guaranty Corporation as of September 30 1994 and 1993 and the results of their operations and cash flows for the fiscal years then ended in accordance with generally accepted accounting principles. However misstatements may nevertheless occur in other financial information reported by the Corporation as a result of the internal control weaknesses previously described. Furthermore the Corporation s assessment of the Multiemployer Fund s exposure to liabilities for future financial assistance is subject to material uncertainties whose eventual effects cannot be reasonably determined at present. Many .