Report on GOM’s Pension Calculator Presented to Legislative Assembly
A Post-Implementation Benefits Audit Report of the Auditor General on the Government of Montserrat’s Pension Calculator was presented to the Legislative Assembly on 15 May 2019.
This report validated whether the benefits for the Pensions Calculator implemented, were achieved.
The audit was conducted in accordance with the International Standards for Supreme Audit Institutions (ISSAI) 5300, 5310 and other internationally accepted IT related standards and guidelines.
Key Findings & Recommendations
The Pension Calculator is a very secure and unmodifiable program. This Microsoft Excel-based calculator uses formulas/equations functions to compute Pensions and Benefits. The computations are very accurate, whether or not precise information is keyed into the application.
The users of the calculator cannot make any adjustments; although this is a good control mechanism, there are associated risks such as:
(1) Delays in processing pension benefits when difficulties with the functionality of the software are encountered; and
(2) Risk of continued availability of support or supplier failure that can lead to loss of software use which can negatively impact the calculation.
We recommended that the Office of the Deputy Governor (ODG) should consider the feasibility of purchasing the Pension Calculator application and maintaining it in-house. If this option is not accepted by the Actuary, then ODG should request that the calculator application be lodged in an Escrow Agreement where it is stored with, and maintained by, the Department of Information Technology & e-Services (DITES).
The report in its entirety can be found at the Montserrat Public Library or by visiting the Office of the Auditor General Online Publications at http://oag.gov.ms