Report Summary

Social Security Administration Office of the Inspector General

November 2008

Fiscal Year 2008 Financial Statement Audit Oversight



To fulfill our responsibilities under the Chief Financial Officers (CFO) Act of 1990 (P.L. 101-576) and related legislation for ensuring the quality of the audit work performed, we monitored PricewaterhouseCoopers' (PwC) audit of the Social Security Administration's (SSA) Fiscal Year 2008 financial statements.


The CFO Act, as amended, requires that SSA's Inspector General (IG) or an independent external auditor, as determined by the IG, audit SSA's financial statements in accordance with applicable standards. Under a contract monitored by the Office of the Inspector General, PwC, an independent certified public accounting firm, audited SSA's Fiscal Year 2008 financial statements.

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Our Findings

PwC found:  

Our monitoring review disclosed no instances where PwC did not comply with applicable auditing standards.

Our Recommendation

PwC found no significant deficiencies.  However, PwC will be issuing a Management Letter to discuss issues which came to its attention during the audit.  The deficiencies are not material enough to be reportable, but would strengthen SSA's internal controls and accounting if they were to be corrected.