Disclaimer of Opinion on the Financial Statements of the Pension Benefit Guaranty Corporation for FY 1980

Gao ID: AFMD-82-42 June 23, 1982

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.


Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

Director: Dennis J. Duquette Team: General Accounting Office: Accounting and Financial Management Division Phone: (202) 275-9406

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