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Report Finds Public Pension Valuation Numbers Wanting
Pension Risk Matters 
Dec. 16, 2012
"The problems [the Public Company Accounting Oversight Board] found include the following: Insufficient testing of controls over how pension plan assets are valued; Testing of controls that were imprecise and therefore did not allow for an assessment of the risk of material misstatement by plan auditors; Failure to properly test the valuation of pension plan assets; and/or Relying on management or the person(s) who performed the reviews without seeking an independent assessment as to why 'variances from other evidential matter' were occurring."
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