Financial Audit: The Pension Benefit Guaranty Corporation's Fiscal Year 2004 Management Representation Letter on Its Financial Statements Metadata

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Title

  • Main Title Financial Audit: The Pension Benefit Guaranty Corporation's Fiscal Year 2004 Management Representation Letter on Its Financial Statements

Creator

  • Author: United States. Government Accountability Office.
    Creator Type: Organization

Publisher

  • Name: United States. Government Accountability Office.
    Place of Publication: Washington D.C.

Date

  • Creation: 2005-07-22

Language

  • English

Description

  • Content Description: Correspondence issued by the Government Accountability Office with an abstract that begins "The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. In connection with fulfilling our requirement to audit the fiscal year 2004 CFS, we evaluated the Department of the Treasury's (Treasury) financial reporting procedures and related internal control over the process for compiling the CFS, including the management representation letter provided us by Treasury and OMB. Written representation letters from management, required by U.S. generally accepted government auditing standards, ordinarily confirm oral representations given to the auditor, indicate and document the continuing appropriateness of those representations, and reduce the possibility of a misunderstanding between management and the auditor. The purpose of this report is to communicate our observations on the Pension Benefit Guaranty Corporation's (PBGC) fiscal year 2004 management representation letter. Our objective is to help ensure that future management representation letters submitted by PBGC are sufficient to help support Treasury and OMB's preparation of the CFS management representation letter and our ability to rely on the representations in that letter in combination with individual federal agency representation letters. We reviewed five key areas in each management representation letter: (1) signatures, (2) materiality thresholds, (3) representations, (4) summary of unadjusted misstatements, and (5) reliability of representations. In reviewing the management representation letters, we applied the American Institute of Certified Public Accountants' (AICPA) Codification of Auditing Standards, AU Section 333, Management Representations; OMB Bulletin 01-02, Audit Requirements for Federal Financial Statements; and the GAO/President's Council on Integrity and Efficiency (PCIE) Financial Audit Manual (FAM) section 1001, entitled "Management Representations.""

Subject

  • Library of Congress Subject Headings: Government accountability -- United States.
  • Keyword: auditing and financial management
  • Keyword: retirement security
  • Keyword: financial audit
  • Keyword: correspondence

Coverage

  • Place Name: United States

Collection

  • Name: Government Accountability Office Reports
    Code: GAORT

Institution

  • Name: UNT Libraries Government Documents Department
    Code: UNTGD

Rights

  • Rights License: pd

Resource Type

  • Text

Format

  • Text

Identifier

  • Report No.: GAO-05-610R
  • Accession or Local Control No: 93461
  • URL: http://gao.gov/products/GAO-05-610R
  • Archival Resource Key: ark:/67531/metadc299132
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