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Tuesday, December 13, 2005

OPM PASSES AUDIT

The Office of Personnel Management accurately reported its FY 2005 financial data, according to an independent audit released last week.

A private sector financial company, KPMG, reviewed OPM's financial reporting practices and balance sheets of the retirement, health benefits and life insurance programs.

"In our opinion, the financial statements ... present fairly, in all material respects, the consolidated financial position of OPM and the financial position of each of the programs as of Sept. 30, 2005 and 2004," the report accompanying the audit stated.

The audit also stated that OPM had no material weaknesses in its internal control over financial reporting, but that OPM could improve its reporting in five areas.

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