Audit of SSA's Financial Statements

Office of theInspector General94 Office of the Inspector GeneralSSA’s FY 1999 Accountability Report 95Audit of theSocial Security Administration’sFiscal Year 1999Financial Statements96 Audit of SSA’s FY 1999 Financial StatementsSSA’s FY 1999 Accountability Report 97November 19, 1999To Kenneth S. ApfelCommissioner of Social SecurityThis letter transmits the PricewaterhouseCoopers LLP (PwC) report on the audit of the Fiscal Year (FY) 1999financial statements of the Social Security Administration (SSA) and the results of the Office of the InspectorGeneral’s (OIG) review thereon. PwC’s report includes the firm’s opinion on SSA’s FY 1999 financialstatements, its report on SSA management’s assertion about the effectiveness of internal control, and its reporton SSA’s compliance with laws and regulations.Objectives of a Financial Statement AuditThe objective of a financial statement audit is to determine whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statement presentation.PwC’s examination was made in accordance with generally accepted auditing standards, Government AuditingStandards issued by the Comptroller General of the United States, and the Office of ...